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The last three sessions in the Market Vectors Gold Miners ETF (NYSE: GDX) represent a high level bullish congestion area between 37.80 and 36.60 atop the most recent upleg that started at the 4/17 low of 30.80. If indeed, the past 3 sessions is a bullish consolidation, then the GDX should thrust to the upside to test multi-month highs clustered in the 38.70-39.00 area, and which if hurdled, should trigger a very powerful upside follow-through that projects to 42.50, then 45.00. Conversely, if the GDX breaks and sustains beneath 36.50, then more than likely the price structure will loop down to 35.00-34.50 prior to making another run on the upside. I have tightened my stop on our model portfolio position to 36.40 to reflect my current outlook. MJP 5/11/09 11:30 AM ET (37.10)
Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!
