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A Bullish Play in GDX

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Posted by Rick Ackerman - Rick's Picks

on Wednesday, 11 January 2017 08:05

Upside-potential-in-GDX

Subscribers are long 400 shares from 22.61, stop 22.01, based on a real-time guidance for a ‘mechanical’ entry that was posted to chat room Scoreboard at 11:21 a.m. GDX, an ETF proxy for the gold mining sector, is having trouble getting airborne, but if the buying should catch fire, it has the potential to reach 24.58 (see inset) over the near term. For now, I’d suggest entering an order to sell half the position at p=23.30, the pattern’s ‘midpoint Hidden Pivot’ resistance. The order should be held o-c-o with a 22.01 stop-loss on the whole position. You should also offer another 100 shares at 24.58 g-t-c. If the order fills, we’d be left with 25% of the original position — or 100 shares, based on the original order. 

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....related: More short term trading ideas from Victor Adair: Live From The Trading Desk: Long & Short Term Positions Now

 


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