Technician
Short

Copper: One Pretty Bearish Scenario

COMEX:HG1!   Copper Futures
362 5 6
Major long term bearish head and shoulders has a target around 1.5.
Note: what i dont like about this pattern, is that it doesn't follow well the relativity concept, i mean the pattern is more than 50 percent bigger than the prior trend, in terms of amplitude and time.

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Also looks like the head and shoulders bottom others have been touting had a false break of the neckline. I'm short copper again too.


snapshot
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Do you think this is going to spill over into the other metals silver gold ?
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No not necessarily, as copper is sensitive to growth concerns(especiialy in china) and risk-off sentiment
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TrendTraderz Technician
Although I agree with you on sentiment, I wouldn't let the numbers coming out of China fool you. China is hovering around 7% growth, but that is 7% of an economy that is double the size it was in 2007. China is still moving along strong.
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Technician TOP TrendTraderz
Thanks @Trend Traderz for your feedback. I primarily base my view on technical analysis, and also there are rough ideas, when i want to trade it i wait for lots of confirmations.
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