Eviking yes coppers trading at around same level it was at yesterday at 9.00 am but it’s $100 down on its overnight high and it’s just hit the Fibonacci retracement of 50% over a four year chart and that a masive rise in just 2 months..
Yes been charting the DXY as this is what’s been giving copper a nice boost as foreign buyers are getting a bargain, I’m thinking it will turn north at around 96 it may go to 95.5 before turning, it’s now in overdid teritory in the daily RSI but could stay in this area for another week before upwards movement.
The weak dollars also giving the Dow & Nasdaq a nice boost. Problem is the amount of Stimulus money the us has pumped in is weakening the dollar. I’m still 80% cash.
Copper1 no it’s a rest day for me, but I think my lads going to drag me out again for a few days this week. I was just looking at copper chart and see that coppers never managed to rise consecutively for more than 12weeks in the last 4 years before a substantial pullback, it’s also in the overbought area on the daily rsi at 72.52 It’s only gone beyond this level twice and when it has it’s only been for a very short period of time before it fallen substantially.
This time may be different however these things do tend to repeat themselves as traders watch these levels very closely. ATB Ken
The pullback has started and coppers now looking maxed out this is when I wouldn’t want to be holding in a big way. Once copper starts it’s fall GLEN & KAZ will follow KAZ will move down a lot quicker than glen as it’s totally reliant on the price of copper.
Looks like the start of reality kicking in now the banks have made a killing on this meteoric rise, there’s absolutely no good news of earnings recovering In the near future give it a month see where we’re at then.
Last year, BP paid out 208% of its profit to shareholders in the form of dividends. This is not sustainable behaviour and requires a closer look on behalf of the purchaser. A useful secondary check can be to evaluate whether BP generated enough free cash flow to afford its dividend. At the current dividend cover of just 1 it’s on dangerous ground.