A significant technical behavior has occured last Friday on metals. Very few may have noticed that the rally of Friday was not a simple profit taking but can go beyond that, as the price closed around 1188.
But lets take things from the beginning. Three weeks before we had a decisive break of the 1180 level support. The breakout was valid as we had a close below this…Continue
Right now we are approaching two important ascending trend lines of the symmetrical triangle which act as support. The first coming from June 2010 lows and the second coming from November 2005 lows. They imply a demand zone in the case of the first one, around 1,225- 1,223 and in the case of the second around 1,205. It is interesting that if we get a bounce…Continue