XME Metals & Mining ETF Reaches Target Zone ... What's Next?
by Mike Paulenoff
March 27, 2022 • 12:00 AM EDT
After a series of 13 chart posts dating from January 10 introducing MPTrader members to the bullish intermediate-term technical set-up in the industrial metals sector, Mike Paulenoff issued a warning signal to MPTrader members this past Thursday about XME (SPDR Metals and Mining ETF).
With XME trading at 61.85, up from 45.48 on January 10, and having satisfied his optimal upside target zone, Mike wrote:
"My pattern and momentum work argue strongly that XME is approaching a near-term peak in my target zone of 63 to 65, which is the next zone from where my work indicates the price structure will be vulnerable to profit-taking, and a downside pivot reversal that initiates a correction that will point to 52 to 54 prior to a resumption of longer-term uptrend strength."
As it turned out, XME went on to climb to a bull phase peak of 63.70 on Friday prior to closing at 63.33, a full 39% above Mike's January 10th introduction of his technical set-up work to MPTrader members.
What's next for XME given so many cross-currents are swirling around the financial markets?
Join Mike and MPTrader members for their insightful and timely intraday real-time tactical discussions about XME, as well as about individual stocks, ETFs, macro indices, commodities, and Bitcoin.
Mike Paulenoff is the author of 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 7-day Trial!
More Top Calls From Mike
XOM (Exxon Mobil)-- Back on May 19, 2026, a fellow MPTrader member requested an update on XOM. This is what we discussed at that time:My attached Daily Chart setup shows my preferred scenario calling for a near-term peak of the current upmove from the 4/17 low at 141.97 to a target zone from 162 to 165, followed by a rollover and press lower that revisits and possibly breaks the 41/7 low, which also will complete the larger corrective process from the 3/30/26 ATH at 176.41.
Pharma Update: MRK and LLYOn Wednesday (6/24/26), this is what we discussed about MRK:MRK as well, which we see on my attached Daily Chart exhbits a VERY BULLISH technical setup-- quite the opposite of beleaguered PFE. My pattern work argues that all of the price action from the 2/25/26 high at 125.14 represents a high-level bullish digestion period and pattern atop the major upleg from the May 2025 low at 73.31.
On January 2, 2026, this is what I posted about CAVA (Cava Group Casual Mediterranean Cuisine) to MPTrader members:After CAVA's meteoric climb from 29.00 in October 2023 to an ATH at 172.65 in November 2024, the stock rolled over into a relentless decline that hit its low at 43.
On the morning of April 9, 2026, this is what I posted about SMR (NuScale Power Corp) to our Discussion Room for MPTrader members:SMR (Nuscale Power Corp)-- Three views of this beleaguered, former high-flying modular nuclear power producer that has been in the grasp of a relentless six-month, 84% bear phase:-- From the perspective of my 4-hour Chart, SMR has the right look of nearing the completion of the downleg that started at the Jan. 2026 recovery rally high of 22.
On the morning of April 7, 2026, this is what I posted for MPTrader members about my interpretation of the near-term technical setup exhibited by META:My preferred technical scenario for META argues that the stock established a significant near-term low at 520.00 on 3/27/26 that resides within an August 2025 to March 2026, incomplete larger corrective process.
