Our two swing long ideas for this week were $GDXJ $GS on their respective trend-line breaks. As we tweeted on the actual break this junior gold miner ETF broke through the trend-line today (and currently up 2.7% from time of our tweet). Great action, looks solid. If you’re active trader take a few profits and move stops up to at least above break-even on trend-line — but stay involved and swing on a good close as there’s lots of free air now:
The second idea was $GS long on 162 break which would have been a break of trend-line and 50SMA and which still hasn’t triggered. This has become slightly more complicated now as stock has moved down thus moving down trend-line and creating space between trend-line and 50SMA.
We still like this idea but now it’s become more of a buy through trend-line and take first partial on 50SMA trade which makes this a potentially less lucrative trade. We would have much preferred little space between trend-line and 50SMA for a double break-out.
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