NUGT daily chart you can see the support is at $50 and the resistance was in the low 70’s.It gaped up this morning. I was watching this in the premarket, I wanted to see if it would test the former resistance and see if that acts as support. But it kept on moving on the way till the open.

Now how to trade this setup:below you can see this daily line (on the 5 minute chart) going all the way across around 74.60’s. Here could  put on a starter trade with very small size. Why small size? because this is still in the premarket and it’s trading very thin with a spread that jumping around.

At 8:30 am you see the stock move almost a whole dollar in 5 minutes. What it does next is whats important. If this would have slammed back down and gone sideways I would have just watch to see what happens at the bell.  But this held and stated making higher lows, going from $75.78  to $76.52 and then pulled back to $75.80. There it bounced and went to making a new premarket high at $76.76 before pulling back to it’s last higher low before the bell at 75.90.