Back to $16Technicals suggest we could easily drop $16, maybe even a little lower, though unlikely to go further than $15. I'd back up the truck on anything around $16.
Gotta keep in mind the incredible run we've had so far. The good news is the days of $12 are most likely long gone. Cant have straight up everyday like we've had.
This has nothing to do with copper like suggested. This is simply profit taking, with shorts/day traders trying to make a quick buck by exagerating the selling.
Really starting to learn that stocks trade in ranges. They go up, and then they go down. Its a good company, the highs keep getting higher, and the lows keep getting higher.
Lesson to take home here...buy on weakness, not strength. This is a great opp for anyone not yet in, or wanting to increase their position.
but do not be mistaken, the trend is up, and zinc is not finished its run (having recently broken $2/lbs.
The writing is on the wall with Q3 in the bag, and the upgrades have taken form with GMP having taken the lead yet again from $24 (which seemed so far away at the time) now upping to $31, which may again prove to be not too far away.
Either way, I think mid 20s are a slam dunk at this stage in the game (assuming no major news like an acquition).
Might be a a little more pain on the downside to go, but don't take your eye off the prize if you have no pressure to sell.
I could be wrong....the recent selloff may be over, but I'm guessing we haven't contracted enough to support the next leg up.
Good luck to all.