NUGT Daily 03/19/2014
Out of NUGT and JNUG for now. Gold has had a nice run and I don't think it's over, but gold has clearly come under pressure the last few days.
I will be watching for one or both of two things to happen before I reenter. I want to see the CCI drop below -100. Once that happens I will watch for positive divergence in CCI and/or for CCI to rise back above -100 as a new 'buy' signal. Second, I will be watching the RSI for a drop to or below 30 as a signal that NUGT has become oversold. Should the RSI actually drop below 30, then a new 'buy' signal would come with a rise back above 30.
No idea which of the above two signals will trigger first or at all or if NUGT will find support around 47 and then reverse. Regardless, I don't think the run in gold is over. I just think it is pulling back to a price that will attract more buyers where it will build a base and strength in preparation for the next leg up.
IMHO and subject to change without notice. GL
I will be watching for one or both of two things to happen before I reenter. I want to see the CCI drop below -100. Once that happens I will watch for positive divergence in CCI and/or for CCI to rise back above -100 as a new 'buy' signal. Second, I will be watching the RSI for a drop to or below 30 as a signal that NUGT has become oversold. Should the RSI actually drop below 30, then a new 'buy' signal would come with a rise back above 30.
No idea which of the above two signals will trigger first or at all or if NUGT will find support around 47 and then reverse. Regardless, I don't think the run in gold is over. I just think it is pulling back to a price that will attract more buyers where it will build a base and strength in preparation for the next leg up.
IMHO and subject to change without notice. GL
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.