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Market Vectors Gold Miners (GDX) Showing Bearish Technicals With Resistance At $22.48

Feb 08, 2018 ( via COMTEX) --

After Feb 7, 2018aEUR(TM)s trading in Market Vectors Gold Miners (<a href="">GDX</a>)'s option trade-picking algorithms uncovered a trade that offers a 5.52% or 15.88% (for comparison purposes only), while providing 8.71% downside protection. The trade is a Jun 15, 2018 covered call at the $21 level for a net debit of about $19.90. The net debit is also the breakeven point for this trade. For a higher return, consider buying a longer-term call option, like the Jan 18, 2019 at the $14 level. By buying the call for $8.44 instead of paying about $21.79 for the stock, the assigned return rate for this alternate trade is 6.87%, but the stock has to finish above $20.54 when the sold call expires for this trade to be profitable. Technical indicators for the stock have been bearish and support and resistance have been in the area of $21.39 and $22.48, respectively.

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