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Monday, May 14, 2012

Bullish Downward Wedge Detected: (GDX)

Downward wedge patterns have been noticed on May 14 for the stocks Market Vectors Gold Miners ETF. The price range of these stocks is getting more narrow as the downward trend continues, thus signally the trend is losing steam. This sends a bullish signal to investors as the downward trend is ending.

Shares of Market Vectors Gold Miners ETF (GDX) fell by 2.50% or $-1.06/share to $41.36. In the past year, the shares have traded as low as $41.10 and as high as $66.79. On average, 13789200 shares of GDX exchange hands on a given day and today's volume is recorded at 14599794.