The shit is hitting the fan with all global markets. Fear and de-leveraging are in big time. Taseko is approaching over sold, but it is highly exposed to the copper trade, and the copper trade is responding to the global depression fears. I think it will be over done to the down side. Weak support exists below, but strong chart support exists around 4.10. Well looky there, the 200 day MA happens to be right there.
Daily: "
via StockCharts.com
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Now look at the weekly chart. Taseko has enjoyed a monster move from Hell off the panic bottom in late 2008. The Fibonacci 38.2% retracement (purple scale) for the move lies at? ....ding...ding...ding...give that man a donut! You got it, 4.06. Close enough to 4.10 for government work. Look at the only real pullback for the entire move back about this time last year. Well what do you know, it pulled back and found support at the 38.2% retracement line (blue scale). Its nature people. The market is made of people. People are part of nature and act accordingly. Unless the world is blowing up ( a real possibility) look at the 4.00 area for Taseko longs.
Weekly: "
via StockCharts.com
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