03 March 2011

Copper : Rebuilding. Buy Dips.

  • Core long. Added on dips and taken trading approach to non-core long.
  • Previous 3 weeks seen decline from 462.6 high to 427.1 spike low on China rate hikes + deflationary impact of Libya unrest/oil price hikes.
  • On weekly chart, it looks like the retracement is just that - a retracement within a strong uptrend. Not trend change or end. Monthly chart still in healthy uptrend.
  • Bought back some of HGK1 at 447.2 (taken profit previous 2 days) last night. Want to step up risk again in long Copper. Will add if there are further dips to 440.