Technician
Short

#Copper: Double top completion suggests shorts favored..

FX:COPPER   Copper
2668 28 55
a year ago
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
a year ago
Trade active
a year ago
Comment: I am holding to this short trade. I haven't seen stability above 2.41. So short remains active
My live trades here https://telegram.me/joinchat/DgsnQ0FzifLqyI2YAoMqqQ
Thanks
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Technician TOP NidalDarawsheh
a year ago
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
a year ago
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
a year ago
If i see a break back above 2.41
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FredFerrell PRO Technician
a year ago
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
a year ago
Looks good mate
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moorekapital PRO moorekapital
a year ago
HG1!: I JUST LOVE THIS COPPER CHART
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marcus123
a year ago
nice conservative target
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Kingfisher1978
a year ago
thanks for sharing
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Chartsmith
a year ago
Classic technical analysis at it's most beautiful! If this doesn't play out I'll eat my socks...
+1 Reply
moorekapital PRO Chartsmith
a year ago
Start by chewing your heart out, mate Hahahah
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Chartsmith moorekapital
a year ago
I don't see why. My heart is my stop loss ;)
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Tom_Killick PRO Chartsmith
a year ago
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
a year ago
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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Chartsmith
a year ago
Could end up posting a hammer on the weekly. An ominous sign :/

snapshot
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Tom_Killick PRO Chartsmith
a year ago
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)
Reply
marcus123 Tom_Killick
a year ago
where do you get the info around china and the connection with the move up at this time?
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Tom_Killick PRO marcus123
a year ago
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
a year ago
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
Tom_Killick PRO Chartsmith
a year ago
Yeah I have a tool or 2 at my disposal I suppose ;)
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Chartsmith marcus123
a year ago
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
a year ago
thanks for the link. well spotted!
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Chartsmith Chartsmith
a year ago
Not a hammer anymore :)
snapshot
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Chartsmith
a year ago
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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