GDXJ fell hard to end the week, but the selling brought it down to the green line (x-42.20) to signal an enticing ‘mechanical’ buying opportunity. This will require care and tactical knowledge, since the low may be yet to come. If it occurs from beneath Friday’s 41.89 bottom, the implied bounce might not quite reach p=44.52, where partial profit-taking would be necessary. Odds of an eventual move up to D=49.15 are still favorable, but it could take the futures 4-6 days to regain its footing after getting pounded for the last three weeks.
$GDXJ – Junior Gold Miner ETF (Last:41.06)