Copper's Down, But Not Out as it Approaches Buy Zone
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- Опубліковано 12 вер 2024
- The Nasdaq got hit hard again this week, with money coming out of US mega-caps and heading towards smaller companies. But Australia isn’t seeing strong buying in small-caps because commodities remain under serious pressure.
In today’s Closing Bell, Murray looks at the Nasdaq, copper, oil, zinc, lead, nickel, lithium, rare earths, and aluminium.
The last week saw another round of selling in US mega-cap tech stocks and some buying in smaller companies in the US. But the great rotation isn’t yet filtering through to Australian small and microcap stocks.
The Aussie market is heavily weighted towards resource companies in the smaller end of the market, and commodities have turned down sharply over the last couple of months. Copper made the news a few months ago as it spiked from US$4.00/lb to over US$5.00/lb in April and May, setting a new all-time high in the process.
But fast forward to today and it has collapsed back to US$4.13/lb. What gives? Is it all over for the hyped ‘copper will go through the roof’ story we have all been reading about for years? Or is this correction setting itself up as the trade of the decade for the prepared investor?
Personally, I think it is the latter due to the long-term uptrend in copper that has been in place since 2016.
For more insights and expert analysis on trading and investing, check out Retirement Trader: fattail.com.au...
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#Investing #Finance #bitcoin #ASX News
Love it as always mate.
Yes please another deep dive into copper would be great.
Your channel is certainly deserves a re-rate.
Because of all the info you collate.
The way you look at the markets with technical analysis is great and I look forward to your video each week so Thankyou for sharing. Keep the technical analysis comments coming.
Your thoughts on Tin would be welcome. This metal is ubiquitous to electrification and there are no substitutes.
Stellar Resources is my tin exposure
Heaps of tin in bunnings
Metals X is also asx tin stock
Thanks for the video Murray. Education videos about your trading system are always welcome during quiet periods in the Markets
Well presented thanks, especially the hand drawn lines, which are very helpful. A frank transparent review of Trading View would be appreciated if possible, given a recent 2.9 star rating (too low to ignore), together with a large number of mostly negative comments. That begs the question as to why you have appeared to have settled on it as an analysis platform. TIA David
I would love more in-depth coverage of the widening distributions you referred to, and other foundational topics of interest.
Hi Murray - thank you. One thing to revisit is maybe the Japanese Yen / Bonds, and your thoughts on what may happen if there is a global rate cut cycle starting. Is IJP worth a look at ? Also more generally, you do not mention trading volume at all in your analysis. Do you take this into account in any way to support or not a trend, or do you rely only on price action ? If volume is considered which time frame should one look at, monthly, weekly, daily .....
Look at the long term trend line on Nickel going back to Jan 16. Just join the low points. Its likely due a bounce soon, otherwise it could get very ugly indeed. Thanks as always Murray.
Key points:
The NASDAQ has been selling off, but the Russell 2000 has been performing well.
James is cautious about the market, advising not to "push too hard" and to wait for better opportunities.
He discusses the importance of understanding price action and technical analysis.
Copper is seen as a potential buying opportunity on correction, with a long-term bullish trend.
Gold has had a sharp correction but is still seen as a buying opportunity on correction, with a potential breakout above all-time highs.
Oil is stuck in a range, and James is waiting for a clear signal before entering the market.
Great overview and analysis. Maybe we could look at silver soon. Would really appreciate a tutorial on setting up Fibonacci bands in Trading View.
Copper very interesting long term, any thoughts on Aussie explorers / producers, HGO Hillgrove Resources small cap
Nice one Muz
Copper sentiment