BUZZ-Global Metals & Mining ETF: Pick down, taking a break

** iShares MSCI Global Metals & Mining Producers ETF in midst of pullback, but as long as support levels hold, sector's advance should resume

** Metals & Mining ETFs outperformed off Jan lows to Apr peaks: PICK advanced 74 pct, VanEck Vectors Gold Miners ETF rallied 111 pct, and SPDR S&P Metals & Mining ETF surged 121 pct; S&P 500 up 17 pct

** Since racing into highs, choppy declines have set in; Philadelphia SE Gold/Silver Index appeared in need of a pit stop

** PICK failed to overwhelm resistance stalling right at its $11.42 Oct (HKSE: 3366-OL.HK - news) 2015 high. Chart: http://tmsnrt.rs/1OenWqp

** Nevertheless, longer-term sector ETF/index charts suggest will ultimately see higher levels

** PICK pullback either should be return to inverse head & shoulders neckline, or may potentially be forming larger right shoulder

** If so, should stabilize without close below $9.56/$9.01, including 200-DMA; should resume advance, aim at $15.00/$17.00 area to meet minimum pattern projection

** Violating $9.01, however, will instead have risk back to $6.61 early 2016 low and below

** Top PICK holdings by pct TNA end-of-Mar include BHP Billiton, Rio Tinto (LSE: RIO.L - news) , and Glencore (Xetra: A1JAGV - news)

** Today's 3 pct PICK decline coming as federal prosecutors in Brazil file lawsuit against a number of companies, including BHP (RM (LSE: RM.L - news) : terence.gabriel.tr.com@reuters.net)