Cycle Trading: The Miners Join The Party
|The Junior Miners broke out of consolidation onTuesday. The Miners joined the party on Wednesday.
The miners had been in a multi month consolidation since peaking in September. Over the past couple of weeks they were being squeezed by the declining 10 day MA and the rising 50 day MA. The Miners rallied on Tuesday then delivered bullish follow through on Wednesday by closing convincingly above the declining trend line. Closing above the declining trend line confirms that that day 55 was an extended DCL
After rallying strongly for the past three days the Miners got a bit stretched above the 10 day MA. They may need to crawl along the declining trend line in order to allow the 10 day MA to catch up to price. The Miners are in a daily uptrend and closing above the declining rend line should trigger a trending move.
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