The Direxion Daily Gold Miners Bull 3X Shares ETF (NYSE:NUGT) has popped to challenge its Sept. resistance line at 2.98 Wednesday morning, which if hurdled and sustained, should trigger upside continuation to test the prior high at 3.20 (Sept. 10).
If that happens, NUGT will exhibit an Aug.-Sept. basing pattern that will project considerably higher prices.
First thing's first: a sustained climb above 2.98.
Only a failure to sustain current strength followed by a decline that breaks 2.69 (closing basis) will compromise the developing constructive technical set up.
