BlueHatInvestor

Copper ~ Help Me Obi-China, You're My Only Hope (2H)

BlueHatInvestor Updated   
CAPITALCOM:COPPER   CFDs on Copper
COPPER chart mapping/analysis.

Copper - off its October lows, yet still contending with global macro headwinds & China's difficulty in shaking off its deflationary economic funk..

Trading scenarios into EOY:
  • Prelim trading range = ~3.93 - ~3.73.
  • Under bearish pressure from 38.2% Fib rejections.
  • Bullish reaction to China/macro economic news = bounce off lower range of parallel channel (green) + 200SMA confluence support / break above 38.2% Fib / break above ~3.93 upper trading range.
  • Bullish extension target(s) = 50% Fib / upper range of parallel channel (green) confluence zone.
  • Bearish reaction to China/macro economic news = break below ~3.73 lower trading range / lower range of parallel channel (green) / break underneath 200SMA, becoming dynamic resistance.
  • Bearish extension target(s) = 23.6% Fib / lower range of descending parallel channel (light blue).
Comment:
Copper chart update (Thurs 14/12):
  • Price action in ascending flat top consolidation, TBC.
  • Bullish play = break above 38.2% Fib / ~3.93 re-test (yellow horizontal line, dashed).
  • Bearish play = break below lower range of ascending parallel channel (green) / ~3.73 re-test (yellow horizontal line, dashed).