GDXJ Channel Long

27 Ara 2016

GDXJ has been stuck in this channel on the daily that started back in August. It has been bouncing back and forth and just hit the bottom of the channel and will look to go back to the top of the channel. Once it gets to the top of the channel (which depending on the slope it takes could be around $35) it will either break the channel, where we would see this stock take a big jump upward, or it will descend back down to the bottom of the channel. Either way, there should be a little profit here to be made ($29.00 -> $35.00 (21%)) over the next couple weeks. To confirm the bounce, we also have promising looking RSI and Stoch RSI indicators.