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Uptrend Broken SupportArchive - 4/26/2024 - Sign In to see current Signals. |
Market Vectors Gold Miners (GDX) Technical Analysis
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| Summary:
| | Weekly :![Relative Strength Index, Williams' Percentage Range and Lane's Stochastic are overbought](images\bearish.gif) ![Broken trend resistance line](images\bullish.gif) | | Daily :![The price has risen above the Parabolic SAR](images\bullish.gif) ![The price is above the upper Bollinger Band](images\bullish.gif) Move cursor over the icon to see details.
| | It was a second consecutive positive week for the Market Vectors Gold Miners (GDX). During the week, the GDX gained 0.51 points, or 1.50%, and closed at 34.58 on Friday, April 26, 2024. Weekly volume was 37% above average.
Long-term trend: [See GDX long-term trend chart] A long-term downtrend had started on May 4, 2023 at 36.26 and reached 25.62 on October 4, 2023. GDX lost 10.64 points, or 29.34%, in 21 weeks. The chart has formed a Descending Triangle chart pattern. The downtrend resistance line (25.69) is broken. A broken support is considered to be a long-term bullish signal. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a long-term trend.
Medium-term trend: [See GDX medium-term trend chart] A medium-term uptrend had started on February 28, 2024 at 25.67 and reached 35.74 on April 12, 2024. GDX gained -10.07 points, or -39.23%, in 6 weeks. The price is now at the 11.52% retracement level.
Weekly Technical Indicators: [See GDX weekly technical indicators chart] Weekly Relative Strength Index, Williams' Percentage Range and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Relative Strength Index, Williams' Percentage Range and Lane's Stochastic. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic, Relative Strength Index and Williams' Percentage Range help. The weekly MACD line is above its signal line since March 8, 2024. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is near its high and getting bigger. It indicates that the current medium-term uptrend is strong. Use the following link to access a MACD help.
Short-term trend: [See GDX short-term trend chart] A short-term downtrend had started on April 12, 2024 at 35.74 and reached 32.20 on April 23, 2024. GDX lost 3.54 points, or 9.90%, in 11 days. The chart has formed a Falling Wedge chart pattern.
Daily Technical Indicators: [See GDX daily technical indicators chart] Daily technical indicators are neutral. The daily MACD line is below its signal line since April 15, 2024. This is an indication that the short-term trend is down. The distance between MACD and the signal line is low, but getting bigger. It indicates that the current short-term downtrend is getting stronger. During the last week, the price has risen above the Parabolic SAR (stop and reversal). A Parabolic SAR below the price is a bullish signal, and it indicates that momentum is likely to remain in the upward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level. The price has closed on Friday above the upper Bollinger Band. It is considered a bullish signal. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.
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