Friday, April 16, 2021 12:27 PM EST
The Vaneck Vectors Gold Miners ETF (GDX) triggered an inverse head and shoulders pattern on the daily chart. This pattern signals a move for the Vaneck Vectors Gold Miners ETF (GDX) into the $38.00 level. It should be noted that the GDX bottomed on March 3, 2021, at $30.64 a share. Today, the popular GDX is trading at 35.87 a share.
While more upside is anticipated in the GDX it does not mean that the ETF will increase every session. There are always pullbacks that can occur along the way. A close below the inverse head and shoulders neckline would invalidate the pattern. For now, the chart remains strong and the $38.00 target looks very possible in the near term.
(Click on image to enlarge)
Disclose: I own shares in GDX
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Disclose: I own shares in GDX
Disclaimer: All comments made by InTheMoneyStocks, LLC and its subsidiaries, instructors, and representatives are for educational and informational purposes only and should not be construed as investment advice regarding the purchase or sale of securities, or any other financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities mentioned herein. InTheMoneyStocks, LLC and its representatives assume no responsibility for your trading and investment results. All information on the website was obtained from sources believed to be reliable., but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. InTheMoneyStocks, LLC, its employees, representatives and affiliated individuals may have a position or effect transactions in the securities herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves a very high degree of risk. Futures and Options trading are not suitable for all investors. Past results are not indicative of future results. InTheMoneyStocks, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment results.
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Sorry - no matter how I try, I cannot seem to duplicate your inverse head and shoulders pattern on my Stockcharts' chart. I'm unable to validate your left shoulder/neckline, as it forms part of the existing bearish head and shoulder pattern that was in play in early February.