Interestingly this one tears my tech vs fundo brain, copper prices are rising output is high and strikes in Chile are over.
All things considered this should be a long. Taking a clear look at the volume data the highs have been rejected twice with big volume. Not only that the moves down have been followed by volume confirmation.
A move to the main value area...
This copper mining company has been in a bullish long-term uptrend since last year until it topped in February 2017 and started to go rather downwards. This medium-term downtrend was broken now keeping a track of short-term uptrend again.
Money flow measuring volume has entered buying territory and MACD entered positive half where MA line is nicely diverging from...
Retreat from the previous day’s high of 503.00 t o today’s low of 492.00 suggests the rebound from the low of 473 (Sep 12 low) has run out of steam and the prices could test head and shoulder neckline level of 474.
Moreover, we have had an inverse head and shoulder breakout failure…and that adds credence to the bearish view.