One day bounce is not a recovery
Having said that - I did start re-buying with a small parcel one tenth of my original holding Wednesday afternoon after seeing copper was up 4 cents in China. So I am prepared to be wrong on further pullbacks - and act - after selling near $6 and watching the stock pull right back to my original re-entry level.
So while my first call back to mid $5 has eventuated – my judgement on further pull back is looking very shaky indeed not just because copper bounced a few cents last night but mostly because of the press release today.
For me the copper outlook has not changed – all conditions remain – LME stock continues to grow up nearly 75% since August and 35% since the start of October. Overnight bounce was caused by two earth quacks in Chile that closed most mines due to losing power and spooked the LME & Mercantile Exchange. This will not delay production long and copper will continue to pullback.
Will buy more today up to half a parcel on press release and will sell if or when I see copper turn down in Asia.
I have been wrong many times before – and this could be another - so we will see
DYOR
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27.5¢ |
Change
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Mkt cap ! $34.05M |
Open | High | Low | Value | Volume |
24.5¢ | 27.5¢ | 24.5¢ | $13.23K | 51.36K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 5000 | 26.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
27.5¢ | 22517 | 2 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 15000 | 0.275 |
1 | 5000 | 0.265 |
2 | 104869 | 0.250 |
1 | 18445 | 0.245 |
2 | 10000 | 0.235 |
Price($) | Vol. | No. |
---|---|---|
0.270 | 1421 | 1 |
0.275 | 22517 | 2 |
0.295 | 50000 | 1 |
0.300 | 51578 | 2 |
0.305 | 51912 | 1 |
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