Cycle Trading: Miner Breakout
|Back on July 2nd we looked at the Miners.
The Miners were held under the 25 level for over 2.5 years until they finally closed above it late June. We discussed back then how the Miners were in the process of backtesting the breakout
Since July 2nd the Miners formed a weekly swing low, signaling a cycle band buy signal and then went on to deliver bullish follow through. This is only week 12 of the intermediate cycle. The new high on week 12 shifts the odds towards a right translated weekly cycle formation. Right translated weekly cycles typically peak from week 16 to week 20 so the Miners could potentially rally for another 4 to 8 weeks before declining into their intermediate cycle low. Currently the Miners are in a strong weekly uptrend. They will remain in their weekly uptrend unless they close below the lower weekly cycle band.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.