07 April 2011

Copper : Resilient

  • May Copper : Is the commodity most sensitive to China monetary policy. Before PBOC rate hike on Tues, trading at 428. Wed low 421.35. Now at 441. Managed to recover from similar sort of price action during the Fukushima crisis (low then was 407.60). Very resilient.
  • Monthly : Ability to hold above 427 is proven. Long established uptrend in place.
  • Weekly : Uptrend line tested by Fukushima price action and held. This line now has 4 points of support, increasing its significance. Construct trades against stops under.
  • Daily : Magnified view of the consolidation seen on the weekly chart. Consolidation looks to be over and going up now. Impulsive price action yesterday and today.
  • Positions : Holding core longs. Took profit yesterday on trading longs bought during the Fukushima dip. Looks like time to buy dip again. For HGK1 - near to 438.

1 comment:

Taichiseal said...

Limit order filled. Paid 440.60 for HGK1.