Ore breaks the neckline

Tuesday, 31 July 2012

Here’s your daily update ore prices. Not a lot of action yesterday but prices still fell on the spot market. In fact, they took out last year’s October low and the neckline on our scary head and shoulders pattern:

The break is minor and may be bear trap but even so not encouraging. Neither is the reversal in 12 month swaps, even if minor.

About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.