Cycle trading: Miner progress
|Last week when the Miners formed a swing low off of the day 12 candle, we discussed the possibility that the Miners will be testing the 200 day MA. On Monday they made progress.
The Miners are working through a triple resistance zone comprising of the declining trend line, the 50 day MA and the 200 day MA.
On Monday the Miners closed above the declining trend line and tested the 50 day MA. Above that is the 200 day MA. A close above the 200 day MA will right translate this daily cycle and indicate that the March 16th low was an intermediate cycle low.
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.