Vale.. short it
Copper has been tear this year and this stock has been a beneficiary of it. Had a great run up to earning and a nice 2 day encore after earnings. Finish Thursday with a hangman and friday it fell through its uptrend (Green circle) on high selling pressure; 3 signs of reversal. On the weekly chart it finish with a grave stone doji.
The overall pattern its showing is a double bottom which is bullish but the second stage of a double bottom is the pullback or "Free lunch". In this second stage there is usually pull back to the breakout center which in this stock case would be fib 0.618 or 18.31. Then a continuing uptrend to news highs.
The overall pattern its showing is a double bottom which is bullish but the second stage of a double bottom is the pullback or "Free lunch". In this second stage there is usually pull back to the breakout center which in this stock case would be fib 0.618 or 18.31. Then a continuing uptrend to news highs.
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