A sharp decline from the highest price level since the end of 2007 occurred in the Lundin Mining the middle of the second quarter. The decline took us all the way down to 42 kronor, and challenging briefly MA 200, which managed to stop a further travel south. Positive noises have then been identified, and recurrent attempts at the establishment of a technical key level, has been valiant. After brief failure, we now believe the probability is high, that it is finally time for a further trip north…
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Lundin Mining started the year with strength, which took us all the way up to 60 sek, and the highest price level since the beginning of december 2007.
A turning point occurred at this price level, which took us down to 42 sek. Then, we have experienced positive progressions, and the underlying köpstyrka has at recurring attempts made valiant outbreak, to try to establish a point of equilibrium at 48 crowns.
This balance point at 48 crowns is a significant technical key level, where buyers and sellers meet, which means that it will be a bit of a vägdelare.
It is more or less to a triangelformation now have been shaped, and even if we got a slightly lower bottom in June, we judge it to be of a minor character.
We’re now running at the same time, a fight with the MA 200 which is just below the current price level, which also been a strong back and support on the recoils. We challenged at the same time on Thursday the short-term MA 50, and we now see a trip to the north in front of us on the establishment of the technical nyckelnivån at 48 sek succeed.
Thus, we see a köpläge already at 48.50 million, for the to wait for an acknowledgement to travel to the north, at the establishment of the resistance level at 48 crowns.
We also believe that a trip to the north can take us all the way up to 53.50 sek. Köpstyrkan is also expected to decline gradually just before this målkurs, who is also the resistance level, and significant resistance from the sales reps should be revealed here.
Proposals placed a stop loss already at 46.85 million, for the to limit the risk of a possible false signal.
If a few weeks of the 26 July it is also time for Lundin Mining to provide the interim report, which can be worth taking into consideration.
The stock is traded on the stockholm stock exchange, under the symbol LUMI.
Lundin Mining Corporation
Entrance buy
48.50 kr
Ticker
LUMI
Målkurs
53.50 kr
Market
The OMXS Large Cap
Emergency exit
46.85 kr
P/E
NEG
Latest
46.81 kr
Direct avk.
N/A
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More about technical analysis:
- Common concepts in technical analysis
- Moving averages – lagging indicator, which filters out the noise
- MACD – technical indicator, which fits well into the trends
- RSI – a classic momentumindikator that is a ”must” in swingtrading
