The Greedy Trader Weekly Analysis
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Bond & REIT ETFs Technical Analysis - GDX

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- 9/22/2023 -
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Market Vectors Gold Miners (GDX) Technical Analysis

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Summary:
Weekly :Broken trend support line
Daily :The price has fallen below the Parabolic SARPrice has crossed below the 50 Day Moving AverageTrend support at 28.97The price has declined below the moving average in the center of the Bollinger BandsThe Bollinger Bands are historically close together
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It was the negative week for the Market Vectors Gold Miners (GDX). During the week, the GDX dropped -0.85 points, or -2.86%, and closed at 28.87 on Friday, September 22, 2023. Weekly volume was -26% below average.

Long-term trend: [See GDX long-term trend chart]
A long-term uptrend had started on September 26, 2022 at 21.52 and reached 36.26 on May 4, 2023. GDX gained -14.74 points, or -68.49%, in 31 weeks. The chart has formed a Rising Channel chart pattern. The uptrend support line (32.39) 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 May 4, 2023 at 36.26 and reached 27.28 on August 21, 2023. GDX lost 8.98 points, or 24.77%, in 15 weeks. The chart has formed a Falling Wedge chart pattern. The trend support level is at 26.33 and resistance is at 29.78. A Falling Wedge is a triangle formation with a noticeable slant to the downside. It represents the loss of a downside momentum on each successive low and has a bullish bias. The Falling wedge usually marks a reversal in a downtrend. In an uptrend a falling wedge is considered to be a continuation pattern. Use the following link to access a Falling Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Falling Wedge pattern in a medium-term trend.

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

The weekly MACD line is below its signal line since May 26, 2023. This is an indication that the medium-term trend is down. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term downtrend is getting weak. 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 August 21, 2023 at 27.28 and reached 30.13 on September 20, 2023. GDX gained -2.85 points, or -10.45%, in 30 days. The chart has formed a Ascending Triangle chart pattern. The price is near the trend support (28.97) line. The support is usually stronger when technical indicators are oversold. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend support line in a short-term trend.

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

The daily MACD line is above its signal line since August 23, 2023. This is an indication that the short-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term uptrend is getting weak.

During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward 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.

During the last week, the price has declined below the moving average in the center of the Bollinger Bands. The distance between the Bollinger Bands (6.51%) is close to one year low (6.75%). It is 55.76% lower than one year average. It indicates the period of low volatility of the stock price, and it is considered a buy signal for the option traders. 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) 47.19
Williams' Percentage Range (W%R) 46.20
Lane's Stochastic (%D-Slow) 59.83
Greed/Fear Indicator (GFI) 53.60
Moving Average Converg./Diverg. (MACD) -0.06
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 41.14
Williams' Percentage Range (W%R) 79.20
Lane's Stochastic (%D-Slow) 27.94
Greed/Fear Indicator (GFI) 32.68
Moving Average Converg./Diverg. (MACD) -0.20
Trading Signals
Description Value Chart
Quarterly Trendline Support 32.39
Weekly Trendline Resistance 30.15
Parabolic System 30.13
Upper Bollinger Band 30.01
Monthly Trendline Resistance 29.78
50 Day Moving Average 29.54
Daily Stochastic Crossing 29.38
20 Day Moving Average 29.01
Weekly Trendline Support 28.97
Price 28.87
Weekly Stochastic Crossing 28.68
Lower Bollinger Band 28.12
Monthly Trendline Support 26.33
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 28.16
Low Date 09/07/2023
High 30.13
High Date 09/20/2023
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Ascending Triangle
Status Test Support
Resistance 30.15
Support 28.97
Low 27.28
Low Date 08/21/2023
High 30.13
High Date 09/20/2023
Description Value
Direction Down
Chart Pattern Falling Wedge
Status Valid
Resistance 29.78
Support 26.33
High 36.26
High Date 05/04/2023
Low 27.28
Low Date 08/21/2023
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Status Broken Support
Resistance 40.50
Support 32.39
Low 21.52
Low Date 09/26/2022
High 36.26
High Date 05/04/2023
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 45.78
High Date 08/05/2020
Low 21.52
Low Date 09/26/2022
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.