Cycle Trading: Miner Resistance
|The Miners are in daily uptrend and are on day 7 of a new daily cycle which gives us bullish expectations. But the big picture is that the Miners are on week 17 of their intermediate cycle and they are running into a multi year resistance level.
A bullish break could see the Miners testing the 35 to 38 level. However, with the Miners nearing their timing band for an intermediate cycle decline, rejection from this multi year resistance level will send the Miners seeking out their 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.