Morpheus Trading: After breaking above the 40-week moving average on huge volume, Market Vectors Junior Gold Miners ETF(NYSEARCA:GDXJ) has been pulling back on lighter volume the past two weeks. We are patiently waiting for a pullback entry around $40, where there is support from the 40-week moving average and uptrend line (blue). The 10-week moving average is catching up quickly and could also provide support, depending on how the action unfolds:
Ideally, we’d like to see an undercut of the 40-week moving average to produce a shakeout candle, but that is not a requirement to make the setup actionable.
Continuing with the commodity theme, United States Natural Gas Fund, LP(NYSEARCA:UNG) is