Pushed above the upper resistance (80) on solid volume today. This weekly chart only shows 2 out of 5 days for this week and the volume profile is reflecting very positive buying with large orders indicating sentiment. Lower supports (72 - EMA43) were nearly tested last Friday but rejected at 73.
Daily RSI recently broke out from oversold, weekly showing near over bought.
If the old resistance holds (80, potentially new support) then RSI appears to support the upper trend (yellow) for direction
O'seas, non ASX producers are faring well, Southern Copper and Antofagasta for instance are at ATH, Anglo American doing well after a recent BHP offer and others going very well in this copper bull era.
As I write, copper is trading at USD4.64 / lb or USD 10229 / t.
Three aspects I am conscious of is copper has risen by circa 22% since early January 24 without much of a cooling off period and that the world is currently forecasting long term copper deficits due increased demand and reduced production. Lastly is the Lassonde curve:
I currently see HGO as being early stage 4 due that it hasn't hit nameplate and that the company value is still on that upward curve and the timing for copper bulls couldn't have been better.
Anyways, happy I found this one and joined you lot on the adventure.
GLTA. Sharing my thoughts only.
