NUGT Approaching Key Resistance

NUGT-- has climbed 23% off of its 12/12 low at 23.96. Today's action has pushed it above its Oct.-Dec. resistance line in the vicinity of 28.60, positioning the price structure for a challenge of much more consequential resistance at 31.00/15, which if hurdled and sustained, will trigger a next higher target zone of 36.00-37.00 (Scenario 1 on the attached chart).

That said, however, what if NUGT fails to take out and sustain above 31.00, then what? Scenario 2 on the chart shows the price path in the event NUGT undergoes a long, drawn-out battle the breakout that instead requires more base-building between 28 and 31 prior to an eventual larger, more consequentially bullish breakout.

12 21 17 NUGT GIF
12 21 17 NUGT GIF
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