I mentioned in yesterday post about GDXJ. The point of this blog is to focus on CEFL but other charts can give me teaching moment. The chart below shows the power of a downward sloping 50 dma. It is powerful…price hit it and reversed. Notice that this is the 4th time this has happened. My rule of thumb is each time that 50 ma gets a little weaker and at some point it will break through. What I hope to see today is low volume on this pull back and it doesn’t fall below the low of yesterday. As long as that doesn’t happen this trade is still in play. But again, this is a breakout to upside in a solid downtrend so lets not get to excited just yet.