Copper has held this trendline for 3 years. It needs to hold here. Oversold short term.
Comments
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wow. interesting chart indeed Chris.
Either a humongous H&S which in case neckline breaks will crash toward 1.5/2 $
or
a humongous bull-consolidation wedge which will lead to maybe 5.5/6 $ (I imagined drawing the resistance line from 4.5 down over the recent tops.
Hard to say which way it will go, especially because it is such a ultra long pattern, which I don't trade. But certainly important product and to be watched.
But what is already visible is the spiking volume... the highest volume now occured in April12 and Feb13, on both occasions when market went down. ...
I don't have any positions, do you ?
Either a humongous H&S which in case neckline breaks will crash toward 1.5/2 $
or
a humongous bull-consolidation wedge which will lead to maybe 5.5/6 $ (I imagined drawing the resistance line from 4.5 down over the recent tops.
Hard to say which way it will go, especially because it is such a ultra long pattern, which I don't trade. But certainly important product and to be watched.
But what is already visible is the spiking volume... the highest volume now occured in April12 and Feb13, on both occasions when market went down. ...
I don't have any positions, do you ?