Technician
Short

#Copper: Double top completion suggests shorts favored..

FX:COPPER   Copper
2706 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.

Technically,
  • 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
Technician
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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Thanks
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Technician TOP NidalDarawsheh
You welcome Nidal..
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Yeah agreed, short also Technician. China's "empty" data and continued economic woes is a continued concern for Copper and Crude alike.

Regards
Tom
+1 Reply
Technician TOP Tom_Killick
Yes sir, nothing have changed fundamentally. Unless the fed starts to be dovish....
+1 Reply
Where would you put your SL?
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Technician TOP FredFerrell
If i see a break back above 2.41
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I didn't read it that way the first time, but I understand now. Thanks!
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COPPER: My earlier thoughts , some weeks back was to see that current leg up test DBOL. It looks failing now.
snapshot
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Technician TOP moorekapital
Looks good mate
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moorekapital moorekapital
HG1!: I JUST LOVE THIS COPPER CHART
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nice conservative target
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thanks for sharing
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Classic technical analysis at it's most beautiful! If this doesn't play out I'll eat my socks...
+1 Reply
moorekapital Chartsmith
Start by chewing your heart out, mate Hahahah
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Chartsmith moorekapital
I don't see why. My heart is my stop loss ;)
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Agreed Chartsmith. Commodities always seem to show lovely technical situations (The easy sort of charts I used to learn TA several years ago) :)
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Chartsmith Tom_Killick
True Tom! Although I'm barefoot right now with my socks ready on the table. Thinking of what I can wash them down with ;) I watch oil closely and have surprised myself with how well I've traded it compared to assets I think I can trade blind. I'm going to watch copper a lot closer now too. There are some nice patterns. Unless this rebound fades fast I want to get my money back on this trade :) Always a pleasure checking out your trade ideas btw!
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Could end up posting a hammer on the weekly. An ominous sign :/

snapshot
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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)
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marcus123 Tom_Killick
where do you get the info around china and the connection with the move up at this time?
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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:http://www.wsj.com/articles/copper-prices-rise-on-positive-china-import-data-1445511181
+1 Reply
Chartsmith Tom_Killick
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
Yeah I have a tool or 2 at my disposal I suppose ;)
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Chartsmith marcus123
This is quite good but didn't have the spike in copper demand news http://zerohedge.talking-forex.com/live.html
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marcus123 marcus123
thanks for the link. well spotted!
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Chartsmith Chartsmith
Not a hammer anymore :)
snapshot
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Happy weekend to all!!
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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.
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