The stocks of the diversified miners have been beaten as we have discussed.
I like the look of the Shanghai market starting to build a nice uptrend since January 2012.
The seasonality for materials kicks in for July. Are you ready?
The Chinese market has been downtrending since July 2009. I am starting to embrace the price action of the Shanghai composite and we should see that translate into the materials stocks once again. In this volatile climate stops should be relatively tight!
Good trading,
Greg Schnell, CMT
About the author:
Greg Schnell, CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA).
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