Cycle Trading: Miner Support
|The Miners formed a weekly swing low on Monday.
Last week was week 22 for the intermediate Miner cycle. That places the Miners in their timing band to print an intermediate cycle low.
This week's weekly swing low formed off of support from the 200 week MA. The 200 week MA has been providing support for the Miners ever since they emerged from the 2016 yearly cycle low.
The weekly RSI has just delivered a bullish crossover from being oversold. The Miners are breaking out from their most oversold level since the 2016 yearly cycle low. The odds are that week 22 hosted the ICL. A break above the declining trend line will confirm the new intermediate cycle.
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