Copper at the moment is going through high levels of supply and prices have plummeted to weekly lows. Demand may be weakening in China, the world's largest consumer, as of metal flow out of the country to warehouses elsewhere in Asia. Therefore, we have a supply glut and copper price in the future doesn't look very promising. of Copper on the LME are now at their highest levels since October2015. There is also possibility for the copper market to tighten due to reduction in investments in new mines. Momentum in China is starting to stall and people are starting to off load the metal in other markets.
Chances are very slim indeed Nikhil, to be honest, if price action follows in this exact same pattern over the next few weeks/months, and we reach the break through point at the bottom, then $1800/tonne is a likely projection. When it reaches that point I would suggest taking 50-75% of the projection I stated just to be sure. In the short term within the traingle, we clearly have a cycle of long and short positions, so I would either ride this wave or wait for the break of the triangle.
Hey, rally sorry about the delayed reply, had a few problems getting onto my account. But i guess the price action has answered your question as there was a significant fall in price at 2.182. You can see that price action has respected the uptrend at the bottom there around 2.105. I say that price action will either consolidate around this area for a while before shooting straight up again