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So Lonmin has broken a pattern of mine and it has been confirmed by good volume and a bullish candle.
One thing I would look out for is a small retracement to the value area on the volume profile.
But it looks like it could be a long on dips
Interesting correlation between strength of US dollar index and Lonmin share movement. It appears the strength of dollar gives more support to Lonmin than just price platinum futures. As rates are set to increase in US it would be interesting to see whether Lonmin will follow strength of dollar. I've gone for the punt here
Lonmin performing well with SA Rand weakness and Platinum holding. LMI Has completed a 5 wave impulse move with more upside expected now, holding above 50 day m/a .Will be watching for break to a higher high and the break from structure. 170-190 target
Perfect set up for rise above 100p 'W' formation.
Question is will 100p hold. I'm tempted to go long here.
Is it downward channel again ABDCE? taking to potential lows of 75p
with holding from buying until it reaches this level or break out? Too much uncertainty with this one to tip my toes in at the moment.
5 wave move down and approaching bottom of channel. I will be waiting for a first attempt trade @ 83.5