NUGT Gold Miners Bull 3X ETF Daily Chart Channels

NUGT is the dangerous and speculative triple X ETF longing the gold miners (many ETF names are clever with NUGT obviously hinting at 'valuable nuggets' while the inverse ETF that shorts the gold miners is named DUST as in 'worthless dust'). The weekly chart for NUGT is constructive and if patient moving forward, hints at a sideways to sideways higher path moving forward. Drilling down to the daily chart above, there is lots of spaghetti to sort out. The dark blue sideways channel is in play for 5 months through 47-105. The thin colored lines show three different upward-sloping channels in play; price is now testing the lower rail of the neon blue channel. Note the gap at 50.5-53.0 that price is moving lower to likely fill. For the indicators, the red lines show weak and bleak profiles for the RSI, MACD and money flow. Stochastics are washed out and will start to create upward buoyancy in price. The 20 and 50 MA's are lining out sideways which hints at a lot of sideways behavior moving forward.

NUGT is intriguing as a long play. As always, it is all about the entry. A scale-in approach may be considered starting now at 54.08, then at about 52.80 as the gap is filled, then 50.5, and the thought is that this will hold and the bulls will take over with price moving upwards through the neon blue channel. If price loses 50.5, all bets are off, since a test of the thick blue channel line at 47 would be likely. NUGT looks good moving into the intermediate term (weeks and months ahead). Current projection is to take on a long play from 50-54. This information is for educational and entertainment purposes only.  Do not invest based on anything you read or view here.  Consult your financial advisor before making any investment decision.