Don't pay dollar to keep 2 cents when wrong. Cut your losses quickly. Trade what you see, not what you think.
Joined Oct 26, 2011
719 Blog Posts

Wakening of the Golden $NUGT

Here we go again, my x number of times to catch the bottom of $NUGT.  I had a good run back in August and a few attempts afterward that didn’t quite work out.  Now I’m trying again for the $100 roll by getting back in yesterday.

Today is a good sign that $NUGT may be getting ready to run hard.   With a strong gap-up and a persistent momentum that hasn’t shown any weariness yet, the odd of $100 roll is increasing.

Take a look at the daily chart:


The 5 SMA has finally crossed over the 15 SMA today and a solid green bar even after the gap-up.  I like to see price action takes out the upper Bollinger band to show proof of strength.  There are two overhead resistances however- the 79 SMA and the 89 XMA.  In due time, both of these resistances may be turning up in direction as well.  If that is the case, the resistances may be weakened for $NUGT to pierce thru.

Now take a look at the hourly chart:


Did you see the cup and handle breakout?  Statistically speaking, I’ve made more money trading cup & handle breakout than other methods.  This strong break out bode well for $NUGT today.

My 2 cents.

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