Chart Of The Day: HUI Could Soon Be Testing All-Time Highs
Gary Savage | Sep 18, 2016 00:03
This Is how it always is during corrections in a bull market. Traders get lost in the short term gyrations and forget to look at the big picture.
Everyone is panicking like something significant is happening. There is nothing broken about the HUI chart, below. Price is holding well above the rising 200DMA and the bear market trend line is clearly broken. Price is making higher intermediate highs. This is a bull market.
In bull markets corrections end and price goes on to make higher highs and more higher highs, and then even more higher highs. Within 12-18 months, I predict the HUI will be testing the all-time highs. I believe this will most certainly be the greatest bull market of our lifetime.
Get The App
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.