The Phaserl


Strong Day in the HUI

from Dan Norcini:

The mining shares finally showed some signs of life in today’s session (for a change) but still have some work to do in order to turn the chart pattern more friendly.

Notice that the index managed to CLOSE INTO THE GAP region noted on the chart; it has not, however, managed to close ABOVE that gap. If this index fades and cannot maintain its footing up here, technicians are going to view that as a bearish signal and will be emboldened to come back into the market selling. At least the bulls showed some mettle today which was rather pleasant given the weakness in the broader equity markets.

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