#Copper: Double top completion suggests shorts favored..

FX:COPPER   CFDs on Copper
2717 28 56
Looks like copper             is ready for another leg lower in the near term.

The overall long term trend for copper             is still down. However for the short term , we have see an upside correction recently, however probabilities suggest that trading with overall trend is favored. And thus the recent pullback could be a good oppurtunity for another short.

  • A double top formation competed by breaking the neckline at 2.376
  • 0.786 retracement for the latest bearsih wave acted as a reisstance
  • Short term rising trend line for the latest short term bullish wave was broken
  • We might be heading to a sideways movement between 2.5-2.2

My targets at 2.317 , 2.225 . I would revise my expectation if we break back above 2.41

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My Best Regards
Trade active
Comment: I am holding to this short trade. I haven't seen stability above 2.41. So short remains active
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Glad to see you held this short Technician, I think we're going to nail it in the next couple of days.
Happy weekend to all!!
Could end up posting a hammer on the weekly. An ominous sign :/

TomProTrader Chartsmith
Do be aware that the move up was due to continue supply demand for Copper, revolving around China. The fact we had a reaction and then the range engulfed is quite a bearish sign, and the move down in still valid, unless something compelling happens..

(I pulled out of copper, but jumped immediately back in as soon as we crossed the low ranges again)
marcus123 TomProTrader
where do you get the info around china and the connection with the move up at this time?
Just follow the news around markets and you'll have heard why Copper had a stint higher.

But I wish to repeat myself. I don't care for the news, I'm still bearish regardless.

R.e- connection to mvoe up comment:
+1 Reply
Chartsmith TomProTrader
Gold & oil went down on the Chinese rate cut. But not copper. Interesting... I'm going to re-enter if it breaks the neckline down. Stopped out unfortunately. Didn't hear about a increase demand. You must have a full feature wire service :)

+1 Reply
TomProTrader Chartsmith
Yeah I have a tool or 2 at my disposal I suppose ;)
Chartsmith marcus123
This is quite good but didn't have the spike in copper demand news
marcus123 marcus123
thanks for the link. well spotted!
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