It's been a couple of tough months for Copper as the metal was unable to go topside of the $3 level and subsequently broke below important support at the $2.84 figure, which precipitated its recent slide down the slippery slope where we now find the Good Dr. attempting to hold its 40-Week (200 DMA) as evidenced in the Weekly chart above.
While the landscape...
Copper is in trouble as ongoing data out of China (and broader APAC/ASEAN nations). Just moments ago, South Korea's first 10-days of exports contracted 19.1 percent YoY and imports dropped 15.4 percent. South Korea is a global bellwether for economic growth and the first of the Asian countries to report.
Quantitatively, we'd short copper at the TACVOL range top...
The news has been bad around China and the trade war- but perhaps some relief is due as fatigue sets in
Copper has broken out of a triangle base
Scenario A) Broken trend line provides support on a pullback for bigger move to 2.86
Scenario B) Old highs at 2.75 hold and price drops back into its range
* Freeport-McCoran Mining LG CAP $19B hurt by copper imports to China and copper prices being low.
* FCX also mines Nickel and Cobalt along with copper and both are needed for EV.
* Cobalt value increasing but larger play still copper
For own use and reference for entry.
Our negative Bias on Copper was confirmed last week, and we remain biased short into this week as well.
Pressure should remain, so long as China data shows weakness this week.
Main support is 2.8 which we bounced Friday. Look to sell rallies up to 2.88 or breaks below 2.80.
In this analysis, we will have a look at the metal Copper in the 1 hour chart.
Short-term Elliott Wave view suggests that the pullback to 3.0101 on 5/30/2018 ended blue wave (2). The internals of blue wave (2) unfolded as an Elliott Wave double three structure where red wave W ended at 3.0195 and red wave X ended at 3.1485 high and the decline to...
MERBTC have Good uptrend support line.
Level 05265 good resistance, as we can see on chart, price breakout from it, and now testing it as a support.
Entry now, or under 05265 level
I expect 3 targets for this trade:
Target 1: 06270
Target 2: 07511
Target 3: 11138
Appears to be the bottom of a minor correction, Vix Fix indicator highlighted for confirmation + ABC consolidation pattern.
Very bullish on copper due to high demand for batteries in the next decade, from electric cars (some countries are banning gas-powered cars) to solar panel systems.
Demand for copper to proliferate between now and 2035-2040.
AMEX:NAK TSX:NDM FWB:ND3
NAK (Northern dynasty minerals) 100% ownership of the pebble project (pebble mine)
the following is just my opinion, you never know what happens :)
this month is probably the last chance to jump in.
- official EPA approval incoming, with pruitt its a done deal already! just formalities!| latest...
COPPER HG HG1 HG1! respected the Trendlines highlighted in the previous posts; on the 4-hour chart it followed the Simple Moving Average ribbon as well.
A triangle formation is being reached now.
Could be a Continuation Pattern upwards.