Price action on copper has caught our eye, as its pullback from the YTD highs has paused above the November highs despite a surging US dollar. RSI (2) is overbought on the daily chart, and yesterday’s Doji held above the 20-day EMA. It's also holding above $4.00, whilst money managers and large speculators have continued to increase their net-long exposure to...
Massive extensions are not uncommon:
Weekly chart:
The indices falling would not cause the price of copper to fall,
this did not happen previous it is not true that the price is tied
to the economy as what is told. Also chinese people use copper as a
safe store for their money.
Price went down in 2008 but this is irrelevant. Went up in...
Copper prices have just broken out of a support level of 2.8495, with the former resistance at 2.9750. The market has completed the advancing and distribution stages, and has just started the decline stage. I expect prices to tank further, as commodities are in large sell-offs these past weeks. The price is also forming a new downtrend, as it makes lower highs and...
