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.

Downtrend Broken Resist.

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- 5/31/2024 -
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Market Vectors Gold Miners (GDX) Technical Analysis

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Summary:
Weekly :Relative Strength Index, Williams' Percentage Range and Lane's Stochastic are overboughtBroken trend resistance line
Daily :Price is near the Fibonacci 23.6% retracement level
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It was a first positive week for the Market Vectors Gold Miners (GDX). During the week, the GDX climbed 0.04 points, or 0.11%, and closed at 35.30 on Friday, May 31, 2024. Weekly volume was -23% below average.

Long-term trend: [See GDX long-term trend chart]
A long-term downtrend had started on May 4, 2023 at 36.26 and reached 25.62 on October 4, 2023. GDX lost 10.64 points, or 29.34%, in 21 weeks. The chart has formed a Descending Triangle chart pattern. The downtrend resistance line (25.70) is broken. A broken support is considered to be a long-term bullish 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 resistance line in a long-term trend.

Medium-term trend: [See GDX medium-term trend chart]
A medium-term uptrend had started on February 28, 2024 at 25.67 and reached 37.47 on May 20, 2024. GDX gained -11.80 points, or -45.97%, in 11 weeks. The price is now at the 18.39% retracement level.

Weekly Technical Indicators: [See GDX weekly technical indicators chart]
Weekly 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 weekly 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 weekly MACD line is above its signal line since March 8, 2024. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is relatively high, but getting smaller. It indicates that the current medium-term uptrend is still strong, and momentum is beginning to wane. 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 20, 2024 at 37.47 and reached 34.66 on May 23, 2024. GDX lost 2.81 points, or 7.50%, in 3 days. Price is near the Fibonacci 23.6% retracement level. The Fibonacci retracement level is considered a support/resistance level.

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

The daily MACD line is below its signal line since May 22, 2024. This is an indication that the short-term trend is down.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 50.30
Williams' Percentage Range (W%R) 38.70
Lane's Stochastic (%D-Slow) 29.25
Greed/Fear Indicator (GFI) 46.96
Moving Average Converg./Diverg. (MACD) 0.70
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 80.14
Overbought
Williams' Percentage Range (W%R) 14.10
Overbought
Lane's Stochastic (%D-Slow) 82.83
Overbought
Greed/Fear Indicator (GFI) 76.15
Moving Average Converg./Diverg. (MACD) 1.00
Trading Signals
Description Value Chart
Upper Bollinger Band 37.07
Parabolic System 37.03
Weekly Stochastic Crossing 36.59
Daily Stochastic Crossing 35.46
20 Day Moving Average 35.36
Price 35.30
50 Day Moving Average 33.86
Lower Bollinger Band 33.31
Quarterly Trendline Resistance 29.70
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 37.47
High Date 05/20/2024
Low 34.66
Low Date 05/23/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 25.67
Low Date 02/28/2024
High 37.47
High Date 05/20/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 25.62
Low Date 10/04/2023
High 37.47
High Date 05/20/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern Descending Triangle
Status Broken Resistance
Resistance 29.70
Support 25.70
High 36.26
High Date 05/04/2023
Low 25.62
Low Date 10/04/2023
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.