Here are a couple of metal-producing organizations which seem to have appealing risk/reward ratios as bearish positions. The first being Alcoa (symbol AA) with its giant rounded top:
Metal Shorts
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Rates and Metals
From our friends at Kimble Charting:
Support for the Miners
Gold has tried multiple times to get above, and stay above, the horizontal I’ve drawn below. It doesn’t seem well-positioned to finally conquer it anytime soon.
Miner Time Again?
Both the precious metals mining ETFs, GDX and GDXJ, respectively shown below, have formed good-looking inverted head & shoulders patterns, which are bullish. if they can maintain support above Tuesday’s lows, they should be good-to-go for a launch higher.
Time for Miners to Lift Off?
After a few days of weakness, it seems to me that GDX and GDXJ, the precious metals miners ETFs, are well-poised to launch from here, so long as their support levels (basically today’s lows) hold.
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