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A Bullish Play in GDX

By: Rick Ackerman, Rick's Picks

 -- Published: Wednesday, 11 January 2017 | Print  | Disqus 

http://www.rickackerman.com/wp-content/uploads/2017/01/Upside-potential-in-GDX.jpg

Subscribers are long 400 shares from 22.61, stop 22.01, based on a real-time guidance for a ‘mechanical’ entry that was posted to chat room Scoreboard at 11:21 a.m. GDX, an ETF proxy for the gold mining sector, is having trouble getting airborne, but if the buying should catch fire, it has the potential to reach 24.58 (see inset) over the near term. For now, I’d suggest entering an order to sell half the position at p=23.30, the pattern’s ‘midpoint Hidden Pivot’ resistance. The order should be held o-c-o with a 22.01 stop-loss on the whole position. You should also offer another 100 shares at 24.58 g-t-c. If the order fills, we’d be left with 25% of the original position — or 100 shares, based on the original order. If you don’t subscribe, you can still get instant, free access to the chat room, The Scoreboard and all of Rick's daily 'touts' by clicking here for a no-risk, two-week trial subscription.

 


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 -- Published: Wednesday, 11 January 2017 | E-Mail  | Print  | Source: GoldSeek.com

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