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Bond & REIT ETFs Technical Analysis

Archive
- 3/17/2023 -
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Market Vectors Gold Miners (GDX)

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Summary:
Weekly :
Daily :Lane's Stochastic is overboughtDaily  MACD line has moved above its signal lineThe price has risen above the Parabolic SARPrice has crossed above the 50 Day Moving AverageThe price moved above the moving average in the center of the Bollinger Bands
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It was a first positive week for the Market Vectors Gold Miners (GDX). During the week, the GDX gained 3.36 points, or 12.35%, and closed at 30.56 on Friday, March 17, 2023. Weekly volume was 78% above average.

Long-term trend: [See GDX long-term trend chart]
A long-term downtrend had started on August 5, 2020 at 45.78 and reached 21.52 on September 26, 2022. GDX lost 24.26 points, or 52.99%, in 111 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 18.03 and resistance is at 39.35. A Broadening Descending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Descending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Descending Wedge pattern in a long-term trend.

Medium-term trend: [See GDX medium-term trend chart]
A medium-term uptrend had started on September 26, 2022 at 21.52 and reached 33.34 on January 25, 2023. GDX gained -11.82 points, or -54.93%, in 17 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 26.88 and resistance is at 36.59. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending 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 February 24, 2023. The distance between MACD and the signal line is low and getting smaller. 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 March 9, 2023 at 26.59 and reached 31.02 on March 17, 2023. GDX gained -4.43 points, or -16.66%, in 8 days. The price is now at the 10.38% retracement level.

Daily Technical Indicators: [See GDX daily technical indicators chart]
Daily Lane's Stochastic is overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily 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 link to access Lane's Stochastic help.

During the last week, daily MACD line has moved above its signal line. Such crossover is considered a bullish signal.

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.

During the last week, the price has moved above the moving average in the center of the Bollinger Bands. 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 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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 72.11
Williams' Percentage Range (W%R) 28.90
Lane's Stochastic (%D-Slow) 88.32
Overbought
Greed/Fear Indicator (GFI) 77.18
Moving Average Converg./Diverg. (MACD) -0.46
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 54.37
Williams' Percentage Range (W%R) 33.50
Lane's Stochastic (%D-Slow) 21.31
Greed/Fear Indicator (GFI) 47.57
Moving Average Converg./Diverg. (MACD) 0.40
Trading Signals
Description Value Chart
Quarterly Trendline Resistance 36.59
Upper Bollinger Band 30.74
Price 30.56
Daily Stochastic Crossing 30.45
50 Day Moving Average 29.99
Parabolic System 28.59
20 Day Moving Average 28.05
Weekly Stochastic Crossing 27.89
Quarterly Trendline Support 26.88
Monthly Trendline Resistance 26.83
Lower Bollinger Band 26.65
Monthly Trendline Support 26.56
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 26.59
Low Date 03/09/2023
High 31.02
High Date 03/17/2023
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 26.59
Low Date 03/09/2023
High 31.02
High Date 03/17/2023
Description Value
Direction Down
Chart Pattern Descending Triangle
Status Broken Resistance
Resistance 26.83
Support 26.56
High 33.34
High Date 01/25/2023
Low 26.59
Low Date 03/09/2023
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 36.59
Support 26.88
Low 21.52
Low Date 09/26/2022
High 33.34
High Date 01/25/2023
Description Value
Direction Down
Chart Pattern Broadening Descending Wedge
Status Valid
Resistance 39.35
Support 18.03
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.

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