Long-Term Buy for JNUG
Recent analysis by the Equity Management Academy shows that the Direxion Daily Jr. Gold Miners Bull 3X (JNUG) ETF is an excellent long-term buy.
Academy CEO Patrick MontesDeOca, said JNUG is a “remarkable trade,” which is sending a “very clear buy signal.”
MontesDeOca said that there has been a Fibonacci retracement in JNUG since a $33.29 high in August. The ETF then reached a low on the December 19, 2016. Since then, JNUG has developed a trending pattern up and, MontesDeOca said, “Shows every indication of the beginning of a really exciting move. We have a fairly sizable move coming in the price of gold. It could be a generational move.”
After the $17.93 close last Friday, the Academy’s proprietary trading system, the Variable Changing Price Momentum Indicator (VC PMI) recommends buying into JNUG at $17.03 and buying more if it retraces to $16.12. If the price comes down to these levels, there is an 80% probability that the price will revert back to the mean of $18.71. If a price of $16.12 is reached, JNUG would be extremely below the mean, with better than a 90% chance that it will revert to the average price of $18.71. If JNUG closes above $18.71, it will trigger a bullish trend with a target of between $19.62 and $21.30 short-term.
Overall, the recommendation is to go long on JNUG. “The market has come down to a very good buying level,” MontesDeOca said. “We have clearly reached a level of support.”
MontesDeOca cautioned that JNUG is a “very volatile ETF” and investors should be aware of the risks involved with the JNUG 3x velocity ETF.
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