JNUG closes lower for the 5th day in a row


Direxion Junior Gold Miners Index 3x Shares (JNUG) Technical Analysis Report for May 17, 2018 [1 min read]
Highlights
JNUG closes lower for the 5th day in a row
JNUG finds buyers again around 13.93
JNUG stuck within tight trading range
JNUG falls to lowest close since May 1st
JNUG closes within previous day's range after lackluster session
TQ Sentiment
Report Sentiment: 0% Neutral
Technical Forecast:
Overview

Moving lower for the 5th day in a row, JNUG finished Thursday at 14.11 edging lower $0.01 (-0.07%). Today's closing price of 14.11 marks the lowest close since May 1st. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for JNUG
Volatility

Thursday's trading range was $0.20 (1.42%), that's far below last trading month's daily average range of $0.56. Things look different on a weekly scale, where volatility is above the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 13.78 and 14.40 which it has been in now for the last three days.

Price Action

After moving higher in the previous session, the market closed lower but above the prior day's open today, forming a bearish Harami Candle.

Support/Resistance

Prices are trading close to a key support level at 13.75. Prices are trading close to the key resistance level at 14.31. After having been unable to move lower than 14.02 in the previous session, JNUG ETF found buyers again around the same price level today at 13.93.

Trend

The ETF shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish.

Order Flow

Buying might accelerate should prices move above the nearby swing high at 14.40 where further buy stops could get activated. Selling might speed up should prices move below the close-by swing low at 13.78 where further sell stops could get triggered. Further selling might move prices lower should the market test April's nearby low at 12.99.

Conclusion

Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a neutral sentiment for the next trading day.

Market Conditions for Direxion Junior Gold Miners Index 3x Shares
Condition Forecast Direction Win Avg Worst Best Events
White Candle TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Low close to previous low TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

JNUG finds buyers again around 7.32

Aug 17, 2018
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