Vale is breaking out Long

VALE S.A.NYSE

Description

⋅ Dec 14, 2012 8:01 PM

In the short run it is overbought with an RSI over 73

However in the long run it looks like it is breaking out of a long downtrend and I see it reaching 22-23 next year.

Fundamentals are really good as P/E of 8.65 with earnings way below its longterm average.

The China slowdown has been priced in by far.

I will start a long position next time RSI looks attractive on the daily chart.

Comments

lucky_human_foot

⋅ Mar 19, 2013 10:55 PM

I think now could be a buy opportunity as it is touching a long term bottom

NewAgePit

⋅ Dec 15, 2012 3:56 AM

Next time it touches that lower trendline will probably be a good time to buy.

lucky_human_foot

⋅ Dec 17, 2012 7:06 PM

I think so too and will open a position on the next dip