Cycle Trading: Miner Breakdown
|The Miners broke below the lower daily cycle band on Monday.
We discussed on Thursday how the Miners were rejected by the 50 day MA and formed a swing high. They closed below the 10 day MA on Friday to signal a continuation of its daily cycle decline. The Miners delivered bearish follow through on Monday by closing below the lower daily cycle band. Closing below the lower daily cycle band continues the daily downtrend
Monday was day 29 for the daily Miner cycle. That places the Miners deep in their timing band for a daily cycle low. The Miners should break below the day 20 low of 25.98 in order to complete its daily cycle decline.
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