Copper has a healthy stair-step trend, with mid-term consolidations after big rally's, as drawn in chart. We are about to make the measured move which I projected in my last chart on this ETF, at this point I expect we could enter a period of consolidation. Risk Management I will tight my exits to the 5-day moving average once we complete the measured move....
Technical Analysis We are breaking out to a 52-week high, with heavy volume (100%+ stronger volume intraday vs its 10-day average volume) First measured move target is at $32, which is coincidental with a Fibonnaci 61.8% level. OBV is supportive of the overall uptrend. ~~~ Take a look at USCR (US Concrete) which is rallying in my opinion based on the same...
Technical Analysis We have broken the long-term resistance trend that had been in place for almost 10 years. RSI is very overbought, but this market has proven overbought can stay overbought for a long period. In the chart there is 3 potential targets for Copper in the long-term picture. There are several place to take profits and/or add on pullbacks. (These...
Entering short on copper futures with the objective of a downward trend of approximately -10% with a horizon of 6-7 months, as in most commodities, in this case, both precious and industrial metals. The bearish trend should be strong after the price crosses down to MM210, which is approximately 2.60. The price could reach -2.40.