GDXJ misses to close above 20-day moving average
VanEck Vectors Junior Gold Miners ETF (GDXJ) Technical Analysis Report for Mar 15, 2019 | by Techniquant Editorial Team
GDXJ ended the week 0.09% higher at 32.33 after gaining $0.23 (0.72%) today. Trading $0.28 higher after the open, the ETF was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (GDXJ as at Mar 15, 2019):
Friday's trading range has been $0.61 (1.89%), that's slightly below the last trading month's daily average range of $0.70. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for GDXJ.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bearish Outside Bar. Additionally, four candlestick patterns are matching today's price action, the Northern Doji which is known as bearish pattern and three neutral patterns, the Doji, the Long-Legged Doji and the Rickshaw-Man.
After spiking up to 32.62 during the day, the market found resistance at the 20-day moving average at 32.58. After having been unable to move lower than 32.04 in the previous session, GDXJ ETF found buyers again around the same price level today at 32.01. The last time this happened on Monday, GDXJ gained 2.06% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Rickshaw-Man" stand out. While it is usually interpreted as neutral, it has actually shown to be bearish for GDXJ ETF. Out of 10 times, GDXJ closed lower 70.00% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 60.00% with an average market move of -1.84%.