By: Jeff Cooper

Hit and Run Morning Stock Report: November 7th, 2022

What You Need To Know About GDXJ

On Friday the precious metals complex exploded with GDXJ ripping 3  points, over 10%, to 31.24.

On Monday Hit and Run wrote the following about GDXJ in a report, “

Using GDXJ as a proxy for the metals, we see an inverse Head & Shoulders pattern.

The Neckline is 32.30. Above the Neckline gives a projection to the 38 region.

This ties to the breakdown zone from June…with the overhead 200 day moving average at 37.

As well there is a declining 3 point trend line that ties to 30.

A move above 30 triggers a Rule of 4 Breakout.

Consequently, an upside Cascade pattern is on the table.

If GDXJ drives through 30, there is a strong likelihood it will follow through knifing through 32.30 perpetuating upside acceleration.