Hi, you mentioned some charts before, I like monthly and weekly charts for longer term investing and cuts out a lot of the day to day noise. My guess we need a weekly close to break above that 97c mark to confirm that we have a good probability of a swing up. If you like fibs, then the possible price resistance targets are there. She also seems to respect the trending support line and the red support line- but all this can change if Powell turns hawkish with interest rates this week and the price of copper falls again.
You can see it's resting under the green line, which is the 3 period ema, implying a lot of this pricing was built in recently which correlates to the fact that from the 24th January to the 14th February the amount of metals x stock shorted went from 3.4m ($1p/s) to 21.8m (0.84c p/s) - so someone is pricing for either a nifty failure, a copper price correction or just punting with someone else's stock. (Note - about 3.6m gross shorts traded in the last few days, so not sure what the net total is and wont be available for another 4 days from the asx) .... at some point those shorts have to be bought back
As they say in hotcopper - dyor
MLX Price at posting:
89.0¢ Sentiment: Hold Disclosure: Held
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