The Greedy Trader Weekly Analysis
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Bond & REIT ETFs Technical Analysis

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- 9/18/2020 -
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Market Vectors Gold Miners (GDX)

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Summary:
Weekly :Broken trend support lineBroken trend resistance line
Daily :Price has crossed below the 50 Day Moving AverageThe period of low volatility of the stock price
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It was a second consecutive positive week for the Market Vectors Gold Miners (GDX). During the week, the GDX climbed 0.20 points, or 0.49%, and closed at 41.36 on Friday, September 18, 2020. Weekly volume was -72% below average.

Long-term trend: [See GDX long-term trend chart]
A long-term uptrend had started on January 19, 2016 at 12.40 and reached 45.78 on August 5, 2020. GDX gained -33.38 points, or -269.19%, in 237 weeks. The chart has formed a Rectangle chart pattern. The uptrend resistance line (15.32) is broken. Usually a broken resistance is considered to be a long-term bullish signal, although a short-term pull back is possible. 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 March 16, 2020 at 16.18 and reached 45.78 on August 5, 2020. GDX gained -29.60 points, or -182.94%, in 20 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend support line (45.80) is broken. A broken support is considered to be a long-term bearish 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 support in a medium-term trend.

Weekly Technical Indicators: [See GDX weekly technical indicators chart]
Weekly technical indicators are neutral.

The weekly MACD line is above its signal line since April 17, 2020. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term uptrend is getting weak. 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 September 15, 2020 at 43.60 and reached 41.34 on September 18, 2020. GDX lost 2.26 points, or 5.18%, in 3 days. Price is near the trend low.

Daily Technical Indicators: [See GDX daily technical indicators chart]
Daily technical indicators are neutral.

The daily MACD line is below its signal line since September 17, 2020. This is an indication that the short-term trend is down. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term downtrend is getting weak.

The distance between the Bollinger Bands is falling, and it was 7.16% on Friday. It is 58.75% lower than one year average. It indicates the period of low volatility of the stock price. 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.

During the last week, the price has crossed below the 50 Day Moving Average. Such crossover is considered a bearish signal. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 46.39
Williams' Percentage Range (W%R) 31.80
Lane's Stochastic (%D-Slow) 73.64
Greed/Fear Indicator (GFI) 62.74
Moving Average Converg./Diverg. (MACD) 0.29
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 77.08
Williams' Percentage Range (W%R) 24.40
Lane's Stochastic (%D-Slow) 60.25
Greed/Fear Indicator (GFI) 64.24
Moving Average Converg./Diverg. (MACD) 3.13
Trading Signals
Description Value Chart
Quarterly Trendline Support 45.80
Upper Bollinger Band 43.22
Weekly Stochastic Crossing 42.85
Daily Stochastic Crossing 42.77
20 Day Moving Average 41.59
50 Day Moving Average 41.43
Price 41.36
Parabolic System 40.69
Lower Bollinger Band 40.25
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 43.60
High Date 09/15/2020
Low 41.34
Low Date 09/18/2020
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 39.29
Low Date 09/08/2020
High 43.60
High Date 09/15/2020
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 38.89
Low Date 08/11/2020
High 44.09
High Date 08/18/2020
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Broken Support
Resistance 50.54
Support 45.80
Low 16.18
Low Date 03/16/2020
High 45.78
High Date 08/05/2020
Description Value
Direction Up
Chart Pattern Rectangle
Status Broken Resistance
Resistance 31.85
Support 15.32
Low 12.40
Low Date 01/19/2016
High 45.78
High Date 08/05/2020
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.

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