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.
All the information and analysis provided on this website is general in nature and for educational purposes only and does not constitute financial advice. No content in any way implies a recommendation to buy, sell, hold or short sell any financial instrument, nor is it financial advice.
Investing and trading in financial markets carries considerable risk, and should always be done in consultation with a licensed financial adviser taking your personal circumstances, financial situation, objectives and needs into consideration.
Links to other websites are inserted for convenience only and do not constitute endorsement of any of the material on those sites, or any associated organisation, product or service. Kazim Agaoglu is not responsible for the content of any site owned by a third party that may be linked to this website and such links are provided as a courtesy with no judgment or warranty being made concerning the suitability, accuracy or otherwise of the content on any such site.
Kazim Agaoglu disclaims any undertakings, warranties or guarantees, express or implied and shall not be liable for any loss or damage whatsoever arising out of in connection with the use of or reliance upon any of the information on this website. The user accepts sole responsibility associated with the use of the material on this site, irrespective of the purpose for which such use or results are applied. The information on this website is no substitute for financial advice.