Taking some profits...today as a precaution and to buy at a lower price in case of a pullback...
Volume is a good indicator... even though I am very bullish on TV on the long run, we are at a cross-road at this time and there are multiple factors that will impact the share price in the short term:
- Both TV and zinc are facing resistance at the current level (zinc is facing a multi-year barrier and TV is close to its 1-year high but with a much larger number of shares)
- August is a slow month for zinc and after the fast run that it had so far this year a pullback to the mid-80s – low-90s is quite possible depending on macro factors