The Big Break or the Big Shake

Three recurring charts have been the monthlies of CAT FCX PKX, all significant stocks in the materials space.

As you can see below, they continue to face heavy pressure right at major, multi-year support. Bulls need a false breakdown in the worst way to stave off the start of a fresh leg lower.

____________________________

CAT

____________________________

FCX

____________________________

PKX

One Response to “The Big Break or the Big Shake”

  1. Good points, Chess.
    FCX is heavily correlated with GDX; not surprising as it is a miner, so you might expect it to be falling along with the other miners. But even though CAT is involved in mining, it’s not well correlated with mining stocks, so seeing CAT right at support along with FCX is a bit unusual. And with Posco sitting at support too, not a good sign.

Comments are closed.
Previous Posts by chessNwine

The Big Break or the Big Shake

Three recurring charts have been the monthlies of CAT FCX PKX, all significant stocks in the materials space.

As you can see below, they continue to face heavy pressure right at major, multi-year support. Bulls need a false breakdown in the worst way to stave off the start of a fresh leg lower.

____________________________

CAT

____________________________

FCX

____________________________

PKX

One Response to “The Big Break or the Big Shake”

  1. Good points, Chess.
    FCX is heavily correlated with GDX; not surprising as it is a miner, so you might expect it to be falling along with the other miners. But even though CAT is involved in mining, it’s not well correlated with mining stocks, so seeing CAT right at support along with FCX is a bit unusual. And with Posco sitting at support too, not a good sign.

Comments are closed.