The Greedy Trader Weekly Analysis
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Downtrend Broken Resistance
Downtrend Broken Resistance stock alert presents a technical analysis stock market picking technique based on combination of technical indicators, stock trend analysis, trend following indicators and pattern recognition. Downtrend broken resistance stock market alert is a trend trading warning signal. It is a confirmation that long term downtrend reversal is completed and a new uptrend is establiched.

Unlike other alerts, broken resistance is not a buy/sell signal. It is rather warning signal that trend direction has changed. For entry point it is usually better to wait for pull back and retest of resistance line. This point is considered as a second chance to participate in downtrend reversal.
Technical analysis of stock trend chart following long term trend analysis and trend following indicator for broken resistance trend trading. Stock trend analysis and broken resistance trend following indicators.
trend trading,trend following,stock trend chart,technical analysis of stock trend,trend following indicator,following long term trend,Broken Resistance

Market Vectors Gold Miners (GDX)

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Summary:
Weekly :Broken trend support line
Daily :Relative Strength Index oversoldWilliams' Percentage Range and Lane's Stochastic are strongly oversold
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It was the negative week for the Market Vectors Gold Miners (GDX). During the week, the GDX dropped -1.74 points, or -5.41%, and closed at 30.42 on Friday, May 26, 2023. Weekly volume was -25% below 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 16.59 and resistance is at 38.88. 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 March 9, 2023 at 26.59 and reached 36.26 on May 4, 2023. GDX gained -9.67 points, or -36.37%, in 8 weeks. The chart has formed a Ascending Triangle chart pattern. The uptrend support line (37.06) is broken. Usually a broken support is considered to be a long-term bearish signal, but since daily indicators are oversold a short-term pull back is possible. GDX may retest the broken support line. It is considered to be a resistance line now. 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 March 17, 2023. 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 May 8, 2023 at 35.81 and reached 30.16 on May 26, 2023. GDX lost 5.65 points, or 15.78%, in 18 days. Price is near the trend low.

Daily Technical Indicators: [See GDX daily technical indicators chart]
Daily Relative Strength Index is oversold while Williams' Percentage Range and Lane's Stochastic are strongly oversold. Use the Technical Stock Screener to see the list of stocks with oversold daily Relative Strength Index or strongly oversold daily 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 below its signal line since May 9, 2023. This is an indication that the short-term trend is down. The distance between MACD and the signal line is near its high and getting bigger. It indicates that the current short-term downtrend is strong.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 12.58
Oversold
Williams' Percentage Range (W%R) 91.30
Strong Oversold
Lane's Stochastic (%D-Slow) 5.48
Strong Oversold
Greed/Fear Indicator (GFI) 8.91
Strong Oversold
Moving Average Converg./Diverg. (MACD) -0.31
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 54.87
Williams' Percentage Range (W%R) 57.60
Lane's Stochastic (%D-Slow) 62.44
Greed/Fear Indicator (GFI) 52.89
Moving Average Converg./Diverg. (MACD) 1.22
Trading Signals
Description Value Chart
Monthly Trendline Resistance 36.43
Upper Bollinger Band 35.99
Weekly Stochastic Crossing 33.79
20 Day Moving Average 33.28
50 Day Moving Average 33.21
Parabolic System 32.41
Price 30.42
Daily Stochastic Crossing 30.28
Lower Bollinger Band 29.20
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 35.81
High Date 05/08/2023
Low 30.16
Low Date 05/26/2023
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 36.26
High Date 05/04/2023
Low 30.16
Low Date 05/26/2023
Description Value
Direction Up
Chart Pattern Ascending Triangle
Status Broken Support
Resistance 36.43
Support 37.06
Low 26.59
Low Date 03/09/2023
High 36.26
High Date 05/04/2023
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 21.52
Low Date 09/26/2022
High 36.26
High Date 05/04/2023
Description Value
Direction Down
Chart Pattern Broadening Descending Wedge
Status Valid
Resistance 38.88
Support 16.59
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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