LME copper in AUD/t
COPX (Global X Copper Miners ETF) which represents a range of global copper mining companies (way above HGOs current production league) rose 6.2% overnight reflecting higher copper prices overnight for both LME and COMMEX facilities.
HGO is currently tracking ~24% below it's long term trend with no indications from the charts of any relief whilst relentlessly being sold. Net selling over the last 3 weeks was 41m shares.
Weekly chart
On a positive note, 3.2c is the current downtrend support (as of today, SP=3.1), resistance of current downtrend is 3.9. IMHO, once the SP stabilizes or offers support at 3.2 we could return to 3.9 or greater. Net selling has reduced considerably for 4 of the last 5 days but needs to continue to reduce to see a higher SP.
Zoomed to daily. Shows SP responding to lower trend support. So far we've got a fairly consistent reaction upwards. Also the gap between 9th April and 10th has closed on low volume indicating selling pressure reduction. My anticipation is that the upper trends will be tested fairly soon although macro situation leaves some doubt.
HGO does appear to be a good buy now from a chart perspective plus there's an 11% advantage to the recent SPP.
GLTA
Add to My Watchlist
What is My Watchlist?
 (20min delay)
|
|||||
|
Last
4.1¢ |
Change
0.000(0.00%) |
Mkt cap ! $107.0M | |||
| Open | High | Low | Value | Volume |
| 4.0¢ | 4.1¢ | 3.9¢ | $91.49K | 2.309M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 11 | 3815949 | 3.9¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 4.1¢ | 725853 | 4 |
View Market Depth
| Last trade - 16.10pm 13/06/2025 (20 minute delay) ? |
| HGO (ASX) Chart |