Thought I'd actually post a chart in here being the chart thread and all haha.
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I take quite a simplist approach to charting, normally looking at oversold areas to seize opportunities. The MACD and RSI currently indicate a change in trend may be occuring. I also look towards intraday volume as it's important to know who is currently underwater.
During the previous rip after KDR's announcement up to 3.40 or so, the decline has been on relatively light volume. Heavier volume has re-emerged this past day to support the current floor between 2.80 and 3.00. So those guys that bought aggressively from 3.18 to 3.40 I would expect to come in and support the price at thise level also. The last 15 mins of trading also showed some good price action.
The weekly chart chart also supports the idea that this could potentially be the floor, hence I am tentatively calling the short term bottom on the charts, given the current strength in FMC and SQM (only midday at time of posting so things may change, and ALB looks rubbish at the moment).
Seeing as GXY is range bound for the time being, I'd say it's highly probable we will get a retest of the recent highs we just put in, but its anyone's guess.
What I am being patient for is a possible break of 3.60, above this means the majority of the shorts will be underwater from the last oversupply fears and some will probably need to start covering. That's when things will start to get interesting. Of course, however unlikely, it can break previous lows for a small puke short term, but I don't think it will have much in it given the intrinsic value of GXY.
