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Market Vectors Gold Miners
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|It was a fourth consecutive positive week for the Market Vectors Gold Miners (GDX). During the week, the GDX gained 0.43 points, or 1.85%, and closed at 23.67 on Friday, January 05, 2018. Weekly volume was -25% below average. |
Long-term trend: [See GDX long-term trend chart]
A long-term uptrend had started on December 20, 2016 at 18.58 and reached 25.71 on February 8, 2017. GDX gained -7.13 points, or -38.37%, in 7 weeks. The chart has formed a Symmetric Triangle chart pattern. The uptrend support line (25.16) 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 long-term trend.
Medium-term trend: [See GDX medium-term trend chart]
A medium-term downtrend had started on September 7, 2017 at 25.58 and reached 21.27 on December 12, 2017. GDX lost 4.31 points, or 16.85%, in 13 weeks. The price is now at the 55.68% retracement level.
Weekly Technical Indicators: [See GDX weekly technical indicators chart]
Weekly technical indicators are neutral.
During the last week, weekly MACD line has moved above its signal line. Such crossover is considered a bullish signal. Use the following link to access a MACD help.
Short-term trend: [See GDX short-term trend chart]
A short-term uptrend had started on December 12, 2017 at 21.27 and reached 23.84 on January 2, 2018. GDX gained -2.57 points, or -12.08%, in 21 days. The price is now at the 6.61% retracement level.
Daily Technical Indicators: [See GDX daily technical indicators chart]
Daily 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 daily 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 daily MACD line is above its signal line since December 15, 2017. This is an indication that the short-term trend is up.
During the last week, the 20 Day Moving Average has advanced above the 50 Day Moving Average. Such crossover is considered a bullish 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.