Monday’s pop through the red line, a midpoint Hidden Pivot resistance, was the first encouraging sign we’ve seen in this vehicle in three weeks. A little backsliding on Tuesday would negate the effect, but if NUGT can close above 106.47 for two consecutive days, I’d rate it an odds-on bet to hit 127.94 by week’s end or early next. The 30-minute chart can be used for ‘camouflage’ entries, and you should focus on the last 20 or so bars for tradable opportunities. If sellers push NUGT lower, use a mechnical bid at 95.74, stop 84.99 to get long. ________ UPDATE (5:54 p.m. EDT): So far so good. NUGT began the day with a modest push above the red line, then held onto the gains for the rest of the session. Price action fell just shy of tripping a mechanical buy on the pullback to p=106.47, but it looked sufficiently encouraging nonetheless to imply that a move to p2=117.21 on Wednesday is on its way.
