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September 16, 2024, 19:04 pm ET, BY Thomas H. Kee Jr- Editor, Stock Traders Daily| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy GDX near 37.99 with an upside target of 40.96. This data also tells us to set a stop loss @ 37.88 to protect against excessive loss in case the stock begins to move against the trade. 37.99 is the first level of support below 39.89 , and by rule, any test of support is a buy signal. In this case, support 37.99 is being tested, a buy signal would exist.
The technical summary data is suggesting a short of GDX as it gets near 40.96 with a downside target of 37.99. We should have a stop loss in place at 41.08though. 40.96 is the first level of resistance above 39.89, and by rule, any test of resistance is a short signal. In this case, if resistance 40.96 is being tested, a short signal would exist.
If 40.96 begins to break higher, the technical summary data tells us to buy GDX just slightly over 40.96, with an upside target of n/a. The data also tells us to set a stop loss @ 40.84 in case the stock turns against the trade. 40.96 is the first level of resistance above 39.89, and by rule, any break above resistance is a buy signal. In this case, 40.96, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.
The technical summary data is suggesting a short of GDX if it tests 40.96 with a downside target of 39.89. We should have a stop loss in place at 41.08 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 40.96, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.
If 40.18 begins to break higher, the technical summary data tells us to buy GDX just slightly over 40.18, with an upside target of 40.96. The data also tells us to set a stop loss @ 40.09 in case the stock turns against the trade. 40.18 is the first level of resistance above 39.89, and by rule, any break above resistance is a buy signal. In this case, 40.18, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.
The technical summary data is suggesting a short of GDX if it tests 40.18 with a downside target of 39.89. We should have a stop loss in place at 40.27 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 40.18, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.
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This report was produced using AI developed by Stock Traders Daily. Over the past 20 years this proprietary AI has been refined to help identify the most opportune trading strategies for both individual stocks and the stock markets themselves. This methodology is also applied to Index options, ETFs, and futures. The objective of this specific report is to optimize trading in Vaneck Gold Miners Etf (NYSE: GDX) while incorporating prudent risk controls.