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TFC Commodity Trading Forum

Re: Gold Stock ETF: Channel Top Resistance/Hal *PIC*

And here is the Weekly chart of the GDX/GLD Ratio chart. Presently testing the March/09 support level 'area'. Also notice the CCI 20 also very oversold "PLUS" showing strong postive divergences on recent price lows like the Oct/08 price lows. I like this oscillator a lot as it acts much like Stochastics plus it shows divergences like the RSI does and it is not bound by 0 to 100. So when price goes below -100 that is a 'heads up' and when it goes below -200 where I put on dashed lines it is very oversold and noteworthy. BUTTTTTTTTT price can still plunge right up until it crosses back above the -100 line and preferably above the 0 line. But for a Weekly chart to be showing strong positive divergences and at a previous horizontal support area it is worth paying attention to for sure. And then use whatever triggers you use to get long. Some of us are fussier than others,lol. The Modified MACD hasn't been above the 0 line since early 2007 either.