Next two weeks will be the most interesting ones for the miners in many months…

 

GDXJ Weekly

GDXJ (Weekly)

GDXJ Weekly Close up

GDXJ (Weekly):  Close up

 

We are nearing the end of a multi month triangle and bumping up against a downward trend ceiling that goes all the way back to 2011. When this break, it should lead to some very impressive moves, either to the downside or the upside. Also note that we are just above what should be considered as a pretty strong support zone, which has acted as resistance and support respectively many a time in the last couple of years. I am bullishly inclined and could see GDXJ breaking higher ASAP or performing a false break out to the downside before reversing higher. Thus I am very heavily long in this sector. Time will tell if it was the correct call.

 

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