Cycle Trading: Miner Support
|The Miners printed a bullish reversal off of support from the 10 day MA on Thursday to print a new daily cycle high.
Thursday was day 21 for the daily Miner cycle, placing the Miners in the early part of its timing band for a daily cycle low. The new high on day 21 assures us of a right translated daily cycle formation. However there are bearish divergences that are emerging on the oscillators, which often precede a cycle decline. A swing high accompanied by a close below the 10 day MA will signal the daily cycle decline. The Miners have established a daily uptrend. They will remain in their daily uptrend as long as they do not close below the lower daily cycle band.
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