IMHO yes very soon we will see a major breakout out of the recent resistance copper is current at...glad to have gone mad on more IRN,CFE....bring on the new 6 month highs......good to see LME stock pile is falling fast driving the new price increase
Last edited by JBmurc; 01-06-2009 at 11:30 PM.
"With a good perspective on history, we can have a better understanding of the past and present, and thus a clear vision of the future." — Carlos Slim Helu
Spot copper broke through 2.17 which confirmed the uptrend is still in place and dismantled the double top creation in the process. (see my post #51 chart). A very bullish signal. The price at this point (above 2.17) gave confidence to the market and the rise accelerated to be presently at 2.30.
Next point to watch is the major resistance at 2.40 ish to Dr 2.50.
Of Note: A floor has be established at 2.17 (old resistance now support)
And LME warehouse copper stocks are slowly dropping.
All looks good for OZL in its new life as an (almost) pure copper play. And for others as well, of course.
I'll be having a closer look at PNA.
PNA may be showing a bit of weakness at the moment due to some selling to take up the non renouncable rights at 28c. The retail offer closes on the 22nd June so between now and then may be a good buying opportunity. Things do seem to be lining up nicely for this company, but they have had a great run from their lows already of course.
Plus the fact that that there will be almost 3 billion shares on issue after the placement and issue.
Just looking at this stage but the copper fundamentals look good and PNA is tempting!
Plus the fact that that there will be almost 3 billion shares on issue after the placement and issue.
Just looking at this stage but the copper fundamentals look good and PNA is tempting!
Certainly is a lot of shares but 25% of those are held by 2 big and recent institutional investors - GRAM (20%) and AMP (5%). I am though suprised the SP hasn't come back further given the 2 for 9 rights issue. Sent my cheque off today via courier to take up my share.
I am keeping an eye on PEN. Anyone have a valuation on PEN?
Having got ourselves into a debt-induced economic crisis, the only permanent way out is to reduce the debt – either directly by abolishing large slabs of it, or indirectly by inflating it away.
I am keeping an eye on PEN. Anyone have a valuation on PEN?
you mean PNA -PEN is a U308 company which I am very bullish on even more so than IRN
"With a good perspective on history, we can have a better understanding of the past and present, and thus a clear vision of the future." — Carlos Slim Helu
Bookmarks