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The Miners are Bid! Flight to Safety or Scooping an Under-Owned and Despised Asset Class, or Both?
During the past 10 days, the Direxion Daily Gold Miners Bull 3X ETF (NUGT) has climbed from 3.13 to today's high at 4.95-- a climb of 58%-- and in the process, has hurdled a key, near-term resistance level at 3.70-4.10 that has inflicted significant damage to the otherwise dominant downtrend.
Let's notice that today's strength has taken out the prior high of 4.81 (Aug 12), and is poised for upside continuation towards 5.25 next, at which time, all of the action since mid-July will have carved out an impressive rounded base formation in The Miners.
