As projected yesterday, GDX today continued its move down.
Today’s candle closed well below the daily 20 EMA line and all EMA/MA are lined up in the most bearish way possible.
Options for Friday
- Tomorrow is the last trading day this week and the bulls will be facing a tough task. In order to flip the odds to their side, they would need to close at least above 33.20-33.30 (from the weekly candles view). This would require a rally of more than 1%.
- If GDX closes below 33.20, the odds would still be on the bearish side and the decision about trend direction would be postponed until at least the end of March.
- In case of closure below 31.22, I would be expecting the lower prices ahead.