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 formation competed by breaking the neckline at 2.376
- for the latest bearsih wave acted as a reisstance
- Short term rising for the latest short term 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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(I pulled out of copper, but jumped immediately back in as soon as we crossed the low ranges again)
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