Points to note on this chart: HUI is in a bullish rising channel, with a probable arc building out. Price bounced off the arc, through the declining trendline and above the important 1 and 3 year moving averages. Looking at the last bull market, it was the 3 year moving average (blue line) which gave support. That’s currently at 233 and rising slowly. I’m happy as long as it remains above that on a monthly closing basis. I do expect it to fall below the blue line on the way to the 2023/24 8-year cycle low (and rise very rapidly after that). The stoch indicator is worth keeping an eye on – if it puts in a higher low it’ll be another positive sign.

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