I just want to quickly update NUGT from yesterday. So far the 38% retrace is holding as support. Today’s rally is taking the price action back up to the all important support and resistance rail. I want to add another dimension to this chart hopefully showing some reverse symmetry back up. Note where the pointers from the support and resistance rail are pointing right now.  If we are starting to reverse symmetry back up, today’s price action back up to the S&R, shows us the bulls are still strong by the ease of rallying backup to the S&R rail. Next the bulls really need to show who’s in charge by either gaping above the key S&R rail, or producing a nice long weekly bar, closing close to the high for the week. Price with some good volume would also be nice..

Its nice to see the closing price on the high end of the weekly bar this week. Double bottom still in progress.

Seeing its the end of the month I’ll post the monthly chart for NUGT so you can see what it has done on a percentages basis. You will see why we call them Kamikaze trades. NUGT