Miners Continue To Suffer
Mike Paulenoff | Jun 20, 2017 01:37PM ET
Direxion Daily Gold Miners Bull 3X ETF (NYSE:NUGT) is approaching a critical price/chart zone where the pattern off of the June 6 recovery high at 38.79 will either put in a significant low and upside reversal from the pattern-ending falling-wedge formation, or come unhinged from the wedge into a vertical decline that retests its critical May pivot-low at 26.90.
Right now, NUGT is in "show me" mode. It has to climb and sustain above 30.50/90 near-term resistance to trigger initial signals that the downleg from 38.79 is over.
Otherwise, NUGT will remain vulnerable to a test of the May low.
Last is 29.44/45
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