XME Reminder

I had an email today asking about metals miners and XME in particular, so it seems like a good time to remind you about XME. I posted analysis on XME June 12th (XME Request)

I liked the ETF, I still like it. XME has improved further since the last update, so this is one to keep in mind on the long side.

 This is the day of the last update.

 The 5 min chart has improved.

 So has the 15 min chart, notice positive divergences every time XME hits support.

The only thing I warned about is support being obvious and as a rectangle consolidation pattern, the bias is that of a continuation pattern because of the preceding downtrend. Therefore a move below support is likely a head fake move, almost certainly a low risk/high probability entry as well. I just don't know if XME is popular enough to have short order posted below support.

Just one to keep on your radar.