Commodities | Apr 19 2012
Recent Chinese GDP data have not been to friendly towards our [long copper] position, however, industrial production data showed continuing support for manufacturing which the market conveniently ignored. We have decided to hold onto the position as we feel that tight supply and positive earnings in the US will provide good support.
Well what a week… a break to the topside failed to materialize likewise a break to the downside has also failed to materialize. As a seasoned trader we have decided to hold the position, Why? It’s just a gut feel as movements are just too volatile. Momentum indicators now support higher price action.
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