MUX McEwen Mining Weekly Chart; Oversold; Positive Divergence

MUX sinks over the last couple years bumping along trying to find a base. The chart indicators are very encouraging with positive divergence (green lines). MUX is crushed -7% this week. The selling pressure is active. However, the 2-hour chart is set up with positive divergence and hints at a bottom in price over the coming hours.

Keystone's 80/20 rule says 8's lead to 2's and 2's lead to 8's. When MUX lost the 2.2 level, 1.8 was on the table and it occurred. Price has bounced sideways through the 1.8-2.2 area over the last year. Price lost the 1.82 level so 1.78 is on the table and occurs. The 1.72 level occurs so 1.68 is on the table and that is on the screen right now. MUX has a chance to hold this 1.65-1.69 area as the 2-hour chart bottoms and exhibits possie d.

Keystone bot MUX today and will buy again next week and probably the week after then sit on the long trade for a couple-few months. It will be interesting to see if MUX places a near-term bottom today. 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.