XME Metals & Mining ETF Reaches Target Zone ... What's Next?
by Mike Paulenoff
March 27, 2022 • 12:00 AM EDT
After a series of 13 chart posts dating from January 10 introducing MPTrader members to the bullish intermediate-term technical set-up in the industrial metals sector, Mike Paulenoff issued a warning signal to MPTrader members this past Thursday about XME (SPDR Metals and Mining ETF).
With XME trading at 61.85, up from 45.48 on January 10, and having satisfied his optimal upside target zone, Mike wrote:
"My pattern and momentum work argue strongly that XME is approaching a near-term peak in my target zone of 63 to 65, which is the next zone from where my work indicates the price structure will be vulnerable to profit-taking, and a downside pivot reversal that initiates a correction that will point to 52 to 54 prior to a resumption of longer-term uptrend strength."
As it turned out, XME went on to climb to a bull phase peak of 63.70 on Friday prior to closing at 63.33, a full 39% above Mike's January 10th introduction of his technical set-up work to MPTrader members.
What's next for XME given so many cross-currents are swirling around the financial markets?
Join Mike and MPTrader members for their insightful and timely intraday real-time tactical discussions about XME, as well as about individual stocks, ETFs, macro indices, commodities, and Bitcoin.
Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on
ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international
markets, plus key ETF component stocks in sectors like technology, mining, and banking.
Sign up for a Free 7-day Trial!
More Top Calls From Mike
On December 13, 2024, with NVDA trading at 132.54, down 13.3% from its All-Time High at 152.89 (11/21/24), and bearing down on a critical 8-week support plateau at 131-132, this is what I posted to MPTraders:NVDA Update: Approaching key support in the vicinity of 132 that if violated and sustained, could unleash the downside potential derived from a two-month top formation (everyone sees the Head and Shoulders formation by now).
Friday afternoon, fifteen minutes before the closing bell in the equity indices, this was my parting comment about Bitcoin:Heading into the weekend, the technical setup argues against holding shorts in Bitcoin... no?...
Many of you have been members of MPTrader for years, perhaps decades (I have been providing MPTrader.com analysis since February 2003!). Rarely do I take a victory lap about my stock, ETF, and market calls, largely because I have always thought my work should speak for itself, which obviates the need to bloviate and beat my chest to stroke my ego. At my core, I am a market nerd and Geek, not a slick-talking marketer (for better or worse).
Back on November 12, 2024, fellow MPTrader member "Rayray" wrote the following when ARCH (Archer Aviation) was trading at $4.83:Mike, as you may recall I have been an active follower of ACHR. I no longer have a position that I trade off of and am on the sidelines watching a move that I should have participated in . That said, is this the move to $9.00 that has been on the table for a while ?... My analysis: NO!...
On the morning of Tuesday, November 12, 2024, I posted the following Heads-Up to MPTrader members concerning my DIS (Disney) analysis ahead of earnings:DIS (Disney) reports earnings on Thursday morning. Technically, DIS approaches Earnings in strong near-term technical condition that argues for a positive reaction to earnings. As long as any forthcoming weakness is contained above 94.80, DIS points higher to 105.10/40, and if taken out, then to 113-115... Last is 100.25...
