$NUGT has been on a tear since I began buying on Aug 7th. Don’t believe me? I had it time-stamped on twitter…
With only one day of minor correction to fill the gap on Aug 13th, price continued to march on. While I had proclaimed I would “try” to sit on this position, the trading bug in me had me taking profit and jumping back in a couple of times since the blast-off.
As luck would have it, after taking profit yesterday at the $8.2x level with a bit of concern that I might have gotten out too soon, $NUGT opened lower and then bounced! Without hesitation, I immediately jumped right back in to buy $NUGT at the low $8.xx. And when the morning retracement brought the price back down to low $8 again, I added a bit more to take advantage of the retracement. I would call today fortune of my ability to jump back in below my exit price yesterday as “lucky” intuition.
As of now, $NUGT price has broken out of the 7/23 high as I had suggested on my Aug 9th post, Can $NUGT continue to go up from here?
I like to say so. With the market on a correction mode, flight to safety in gold may be the next favorite trading position.
Take a look at the daily chart below:
As I began typing this post, $NUGT was still trading around the previous high of $8.57; now I could see price action continues to accelerate to the upside. My next target for $NUGT is $12.42 (or $124.20 after 1 for 10 reverse-split).
Perhaps, I shall “sit” a little tighter now with the reverse split coming on line soon. The split may or may not drive the price even higher.
My 2 cents.