Acting like it's topping out?

[cohutt]

Tops in markets tend to occur when there are 700 reasons that "it will never stop going up". New era, etc.

The lead chart has developed a pattern that is distincly different than it has been sinc eit started running from .20/lb. A noticable acceleration in the price change (ie steepening of the chart) followed by significant increase in short term volatility and the failure to make a new high in two attempts.

What we need to have is for it to breakdown below 1.30 here in the next few trading sessions. That would be short term "bearish" for lead prices, which of course is "bullish" for lead monger such as us Booliteers. :drinks:


http://www.kitconet.com/charts/metals/base/spot-lead-1y-Large.gif


All the charts:
http://www.kitcometals.com/charts/lead_historical_large.html

[Obsolete]

Personally I would prefer to see a gap down below the 1.30 supprt level on heavy supply volume and test the short term 1.20 support.... a day or three meandering between 1.20 and 1.25 on light demand volume , without even getting close to the new 1.30 resistance, and then a steady downward trend with little demand taking out all the other support levels , and then back twords .400... or lower :drinks:

That just wouldnt bother me abit !:mrgreen:

[whisler]

Yeah, what "Obsolete" said.......I think!!![smilie=1:

[Springfield]

Me, I'm just glad I still have that one tire shop still giving me all their weights for free. And a local scrap yard selling me all the pure lead I can use for 40 cents a lb.

[Ernest]

I'm down to 400 pounds or so. I better get out there and start scrounging around
e

[Blammer]

I got 300 lbs smelted teh other day, then went and picked up another 200 lbs for free...

[cohutt]

Personally I would prefer to see a gap down below the 1.30 supprt level on heavy supply volume and test the short term 1.20 support.... a day or three meandering between 1.20 and 1.25 on light demand volume , without even getting close to the new 1.30 resistance, and then a steady downward trend with little demand taking out all the other support levels , and then back twords .400... or lower :drinks:

That just wouldnt bother me abit !:mrgreen:


WHile we are wishing why not also have a naked supermodel drive up in a semi towing a trailer full of linotype, then hop out and bring us all a cigar and a martini just to complete the perfect day.

I'll be happy if we can just continue rolling over and breaking 130 & then see what develops afterwards.

[Obsolete]

WHile we are wishing why not also have a naked supermodel drive up in a semi towing a trailer full of linotype, then hop out and bring us all a cigar and a martini just to complete the perfect day.

I'll be happy if we can just continue rolling over and breaking 130 & then see what develops afterwards.

Well, I never said what I described above was realistic.... just something I wish would happen:razz:

[BABore]

I figured it should be dropping some soon.

China won't need as much for their toy paint.:-D