Both Have been moving in proper direct correlation and Now XME has topped out will CNX metals follow same course of action
Looks like metals are in for a nice gain Watching XME targeting $58
This chart shows the pivot from Industrial stocks to Mining stocks. This is caused by the pervasive inflation that the FED has allowed and the not so obvious slowing of the economy that will arrive later this year.
The metals and mining industry is performing solidly on both an absolute and relative basis. This chart depicts the trend in relative strength of the S&P Metals & Mining ETF against the S&P 500 benchmark index. $XME/SPY - the relative ratio chart is showing five strong weeks of relative gains. Interestingly, the ratio is above prior resistance on strong blue...
Weekly chart on XME looks bullish IMO. I went long commons with price targets above 53.5 and 59 , stop around 48. Nice breakout retest bounce and the volume leads me to be bias to more upside. Swinging this with shares, but the April 54C also looks active with 3K OI
Watch metal/mining stocks for more upside. Yes they're a little extended but can still move in a more value-oriented rotation environment. Silver, gold, uranium, copper, steel
is this a breakout??? just curious and would like to hear views
also observe there is a sort of inv. head and shoulders forming if indeed this correction is resolving to the upside.
The attached chart, shows the momentum of the second super cycle of the 21st century. This cycle may surpass the record levels registered during the 2006 - early 2008 period, right before commodities crashed because of the Great Recession.
Short Term Elliott Wave structure for XME (S&P Metals & Mining ETF) suggests the rally from March 25, 2021 low is unfolding as a 5 waves impulse Elliott Wave structure. Wave 3 of this impulse ended at 47.27 and pullback in wave 4 ended at 43. Internal subdivision of wave 4 unfolded as a zigzag. Down from wave 3, wave ((a)) ended at 44, and bounce in wave ((b))...
no confirmation = no trade no profit margin = no trade must get a confirmation on LTF Either 15M Timeframe or 10M or 5M we must get a change of trend on those timeframes like price coming into the zone with LL/LH and we need HH/HL To come in! that's how i enter 99% of my trades
This metals & mining ETF is approaching a long term resistance zone. A break above this zone would be bullish & could set up for further long term price appreciation.
Metals are looking fairly bullish finally after months of consolidation
Topped out in range but given that gap up this past June above the regression channel, I would wait for at least 1 more gap up above the top of range.
Nice move in here today out of consolidation zone (no position, will wait to see how it closes)