Not exactly sure how to approach this. It shows over bought, but the Trump agenda to reform taxes may just wipe out hope for gold and miners. There is no current support or resistance at the $32.00 zone, so if we have hopes of getting a few days of sitting near old support, this has to go to $33.25 tomorrow.
Technically, this thing is over sold to all hell. That matters little to the junior miners though. The downtrend could keep continuing. Like I said before, if the stock doesn’t go up tomorrow to over $33, this lovely little portfolio destroyer is making its way under $30.00 to $28.00. What does that mean for most people?
$JDST will go up to $25+
$JNUG will go under $3.50
Right now, it is hard to tell so I would hold off entry. I thought JNUG would be a good buy because GDXJ started off on the $33 support, but it broke. That consequently gave way to the 15% dip which recovered partially. I would find the entry in the next 2 days. I do see the down trend continuing though with GDXJ falling to about $28.00, leaving $JNUG rotting while $JDST reaps the rewards. All signs are point to an oversold bounce that should occur if this were any other stock, but this ETF shows no sign of market cooperation.