JNUG pushes through prior session high
Direxion Junior Gold Miners Index 3x Shares (JNUG) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, JNUG finished Thursday at 14.37 gaining $0.22 (1.55%). Today's closing price of 14.37 marks the highest close since May 24th. Trading up to $0.10 lower after the open, JNUG ETF managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Wednesday's high at 14.30, the market confirms its breakout through the previous session's high having traded $0.23 above it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (JNUG as at Jun 14, 2018):
Thursday's trading range was $0.27 (1.88%), that's far below last trading month's daily average range of $0.45. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly below average.
After trading as low as 14.26 during the day, the ETF bounced off the key support level at 14.31. The failure to close below the support could increase that levels importance as support going forward. After spiking up to 14.53 during the day, JNUG found resistance at the 100-day moving average at 14.38.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.