The share price has been pretty stable over the past 3 days...average 47.5cts....its a sign that something good is coming in the run up to its AGM on 17May...
Homily chart showed that banker chips have been consistently hovering at the high of 93% to 85% for more than 10 days with zero retailer chips. Meaning to say, there is continuous strong buying momentum from the bankers without any selling pressure from retailers. However, stochastic oscillator did indicate overbought position and have been treading downwards for the past 2 days. This seem to suggest opportunity for accumulation.
Trafigura Group, the world’s top copper trader, and Goldman Sachs Group Inc both say prices could hit US$15,000 a ton in the coming years, on the back of a global surge in demand due to the shift to green energy. Bank of America says US$20,000 could even be possible if drastic issues arise on the supply side.
The copper market itself may also be facing a big shift. Trafigura predicts that demand growth in China will be eclipsed by rising consumption in the rest of the world over the coming decade, in a dramatic reversal of the recent trend. That could help underpin a new “supercycle” in the copper market, driving prices higher for years on the back of a step-change in global demand.
If there is strong banker chips around like Moneygamer said, i guess it is a safe bet to buy and average down. Picked up around 045 - 046 yesterday and looking to add more today.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
caonima
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Posted by caonima > 2021-04-07 12:37 | Report Abuse
https://www.thestar.com.my/business/business-news/2021/04/20/bullish-investors-push-copper-price-towards-10-year-highs