Copper primed for a bounce. We are in the late stages of creating a right shoulder in a slanted H&S pattern that dates back to 2 years.
In the short term, it looks like selling is exhausting itself (recent move down is low volume). I could bounce all the way back up to the $2.8xxx level before moving down decisively.
Once it breaks $2.57xx then wit should move down to the long term trend line that was established in 2002/3 time period, which should hold.
In the short term, it looks like selling is exhausting itself (recent move down is low volume). I could bounce all the way back up to the $2.8xxx level before moving down decisively.
Once it breaks $2.57xx then wit should move down to the long term trend line that was established in 2002/3 time period, which should hold.
Briefly touched the 2.59xx level worthwhile to take a stab at a long with a SL at $2.57. I would target a .318 ($2.73) to .50 ($2.77) retrace before it moves lower.