Well, well, what have we here? The metals are up this morning! I’m going straight to the charts to look at Monday…
I won’t write of each one… just make a general observation concerning them all. So, Monday was an up day, like last Friday had been an up day, but whereas, I reported Friday’s volume to have been off the average by 17%… Monday the 3rd’s was even lighter. Average volume for all the issues was 30% lower than their own 50-day moving average. Also, 2 days up has not taken prices through any kind of area of overhead price resistance either.
This is a time to be watching and waiting; of being patient. It could work out so as to break through resistance, and create some trading excitement, but until it does lift convincingly, on big volume… it’s best to just keep watching, and your powder dry!