SmarTrend Watching for Potential Rebound in Shares of Market Vectors - Gold Miners ETF After 3.59% Loss
Market Vectors - Gold Miners ETF (AMEX:GDX) traded in a range yesterday that spanned from a low of $23.54 to a high of $24.65. Yesterday, the shares fell 3.6%, which took the trading range below the 3-day low of $24.47 on volume of 35.8 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.
SmarTrend recommended that subscribers consider buying shares of Market Vectors - Gold Miners ETF on February 3rd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $14.89. Since that recommendation, shares of Market Vectors - Gold Miners ETF have risen 65.7%. We continue to monitor GDX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Over the past year, Market Vectors - Gold Miners ETF has traded in a range of $12.40 to $26.17 and is now at $23.76, 92% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.8% while the 50-day MA has advanced 2.0%.
Keywords: rebounders amex:gdx market vectors - gold miners etf