Cycle Trading: Miner rejection
|Rejection by the 50 day MA has extended the Miners daily cycle decline.
The Miners closed lower on Thursday then delivered bearish follow through on Friday. The miners closed below the day 32 low on Friday signaling a continuation of the daily cycle decline. The Miners also closed below the lower daily cycle band. Closing below the lower daily cycle band ends the daily uptrend and indicates that the intermediate cycle decline is extending.
I breakdown what is happening with the intermediate cycle in the Weekend Report.
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