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commodities get on board and enjoy the ride

  1. 365 Posts.
    Commodities: Barclays Observes In Awe
    FN Arena News - February 29 2008

    Nickel up by 6.5%. Zinc up by 4%. And that's just overnight. Technical chartists at Barclays must have been watching their pc screens in awe this week, as their latest update suggests there is simply no sign -no sign at all!- that there could be a top in sight.

    In addition to their bullish remarks earlier this week, the team declares "In commodity markets, when prices start moving exponentially, the simplest of trendfollowing techniques prove to be beneficial". In other words: don't ask how, what or when but simply get on board and enjoy the ride!

    Unlike some chartists elsewhere who remain concerned that copper will be stopped by technical resistance at US$8800/tonne, the team at Barclays has given up its scepticism towards copper upside potential, arguing instead "a break above 8600 would be enough to signal that a full-blooded breakout is underway and that copper is heading straight for 8800 and the 9400 swing target in the coming months".

    For aluminium, the chartists predict the metal will "likely push through 3,310 and to 3,500 (measured move) in the weeks ahead".

    We let some charts from today's report do the rest of the talking.

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