Here is my view on Copper that i published 18-months and 8 months ago
So what's likely next?
The FED is one step close to a rate hike and China's economic outlook remains uncertain. Technically, both are correlated.. Copper remains in a strong downtrend, after completing the pattern. The ideal target for the pattern suggest that copper could retest the long term support levels near 1.65-1.45 area. . Meantime Crude has broken the main long term rising on the logarithmic scale chart above. Even if you move to the linear(normal) scale chart, the main has been broken last week as well. $30/barrel is not unlikely target anymore.
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Copper has lost nearly 50% of its value from peak. And i think ti will go further. Its been in a downtrend since March 2011( 4 years+). A one year plus trend is considered a long term trend according to dow theory. So we are in a long term bear market for copper. Anyway, i understand your point of view and you could be right that it will move higher again.
Iraq oil production
Iran expects oil output to rise by 1 million barrels per day as soon as sanctions are lifted
For those who are thinking that it can goes as low as previous low why not looking as low as 10$ ?
Remembering one stence of trading, if majority of traders are saying the same thing, they are wrong.
Please trade carefully
very true, I see this happen on Tradingview way too often :) which is the reason why I had to analyze the chart myself
in order to come to the same conclusion. Although I think the price will make a strong bounce from the $39-$40 area, but it may not be the bottom.
Between 36 and 40.4 their are potential retraces back up to either 45 or 48.7 prior to starting our next leg down to the 33 area.