SFR Monthly Chart Outlook 07/01/2017.

What we anticipate may happen but it rarely does when it is expected. By now, I would have expected that SFR would have completed it’s basing pattern ( Head & Shoulders Bottom) with a neckline breakout shown with dashed Green line. It hasn’t happened.

I have switched to the monthly chart, since my view with SFR is medium to long term in pursuit of capturing a potential bull run which may go on for months. With  electric cars  becoming more of a common vehicle of transport, where could the Copper would come from to manufacture those electric motors used ? RIO, OZL,SFR,BHP perhaps to some degree from within AU. There are off course other Copper Miners  overseas but lets focus on what we have in our market.

Chart is self-explanatory. At present, zone of $5.00 is a significant zone of support which has held on end of month closing basis since May 2015. Whipsaw intra month breaks, yes, boys are good at hunting those with tight stops to fill their bag.

Zone of $6.50 – $7.00 is the resistance level to beat on end of month closing basis which will declare a new major bull run for SFR. Are we going to see this ? Stay tuned…

Monthly OBV at the bottom window may suggest a potential  Head & Shoulders  accumulation pattern as of this writing 07/01/2017.

Disclosure : SFR held.

sfrmonthly07012017

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