Company KGHM, which is a locomotive WIG20 very long time in recent years after reaching the level of PLN 200 , slightly lowered the tone. The fuel of the locomotive is primarily copper , so wanted to answer the question of whether the locomotive moves further forward, we take a look what is happening out on the copper.
very broad look reveals, unfortunately, very nice picture. Here we see that during the turmoil of the last raw copper broke a long-term uptrend line. What happened after collapsing better seen in the chart below.
correction continued in recent days, brought trading to a level of 38.2% fibo recent abolition of a long wave of growth. That level was apparently zarespektowany, it should provide us support in the near future. In a variant of growth in the copper, an important resistance levels will surely encounter the abolition przełamanym fibo 23.6%, with the price of the 420th Major skirmishes will take place on short-term downtrend line, which currently is slightly above the price level of the 440th And most important issue that should ultimately decide to return to sustainable growth in the copper, is the denial of breaking the upward trend line, which is back on the line. Technically speaking, a very likely scenario may also return to the breaking against further declines in the continuation of stronger copper - which, looking at the chart may take the appearance of double peak formation. It is, therefore, to observe the behavior of this material on the recommended levels, it will help us answer the question of whether our next boom will lead locomotive.
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