OK, a new subject for the blog.
So, I figure I might as well start sharing my data analysis with everyone here on this blog and maybe someone can benefit from this, but let me put on a disclaimer up that non of what I discuss here is financial advice, and you should consult your portfolio manager or family financial advisor before using anything you read here as investment advice.
So, here goes:
Anyway, if you look at that chart, you can see that second faint gray line above the 30.0000 line… that’s the $34 line, and that is a support line, starting back in May it never really went below $34 very much, it’s been hovering right at $34 since then…
Then the rising AVG150 line reached the support line in late June, and the London/NY spot price tried to push below that, but the markets refused to stay below $34, and this last week and a half of trading is staying above the AVG150 support… so, I would anticipate that the $34 support line and the AVG50 and AVG150 cycles converged and we are beginning a new cycle starting with a flat plateau with a consequent slow rise back to low $40′s.
I suppose we will see if my analysis is valid.
More later, gotta get back to work, folks.
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