HUGE NEWS!~ Bullish Traders Are Turning To Rare Earth Metals
By Casey Murphy | April 23, 2015 AAA |
This past week many momentum traders have turned their attention to a niche corner of the commodity markets – rare earth metals. Companies that explore and or process rare metals are of specific interest to traders because of strong moves in a couple of the sector’s key players. Based on their respective chart patterns, active traders will likely add these stocks to their watch lists because they could be setting up for a continued move higher. (For more, see: Understanding Rare Earth Metals.) Rare Earth Metals on the Move
Molycorp, Inc. (MCP) is one of the most popular rare earth players available in the public markets and it is a favorite amongst many who are interested in the sector. Recently, the company announced that it will supply rare earth metals for use in Siemens AG’s (SIEGY) wind turbine generators over the next 10 years. This news could be enough of a catalyst to continue to send prices higher over the coming weeks and months. Taking a look at the chart below, you can see that the stock is trading within a defined double bottom pattern. As irrational as it may seem, from a momentum trader’s perspective, despite a 70.75% move over the past week, the chart is suggesting that a break even higher is very possible. (For more, see: A Rare Opportunity In Rare Earth Metals.)
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