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NUGT Defies Stronger USD and Equity Market Weakness Amid Rising Geopolitical Tensions


Wednesday December 28th, 2016
NUGT Defies Stronger USD and Equity Market Weakness Amid Rising Geopolitical Tensions
by Mike Paulenoff www.MPTrader.com

The Direxion Daily Gold Miners Bull 3X ETF (NUGT) is holding up well despite a higher USD and lower stock indices through the first hour of trading.

NUGT appears poised to extend its recovery rally to test my next optimal target zone in the vicinity of 7.00, which, if hurdled and sustained, will trigger upside potential to challenge the Dec resistance line, now at 8.00.

Only a decline that breaks near-term support at 6.25/20 will compromise the developing recovery rally effort.

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