Still consolidating... next couple of weeks we will know if the blue resistance can be taken out. A breakout to the red line joint is roughly 30% gain from current price level.
Is the commodity rout actually coming to an end? Maybe the Glencore shutdowns and forced supply shock really make a difference....
CosmicDust
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In my opinion, commodity is reaching its bottom. This can be confirmed by oil breaking out and continued dollar weakness.
Justiceisfalse
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I agree a rally is on tap. Is it going to be a return to a bullish market? That I do not know.
CosmicDust
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Hard to forecast for long term, but it indeed looks like a major bottom. So one step at a time - like $12.5 (previous intra day high), $14 (first resistance line), and $16 level (January low), etc. If lucky all of them can be taken out, if not lucky, any of those can serve as resistance and thus spoil possible rallies.