lets see how this goes. these patterns are so funny. seems they work out about 2% of the time... maybe this is it?
Can find a bunch of these cups as you look through your favorite names. Bet they all break the same way, at same time. Will be interesting to see what puts the next move in motion.
Good luck out there!
We ended last week with a doji candle at the trendline from the 2011 highs and with RSI hovering around overbought levels.
Copper's weekly and monthly close will be foreshadowing for markets into US Presidential Elections on November 3, 2020.
Trade idea is a sell stop (or buy stop) above on a daily candle close below (or above) weekly doji candle.
See chart for analysis.
Logic is quite simple - to reignite the economies worldwide, governments would have to spend a lot on infrastructure projects to create jobs. Copper, as one of the key commodities in many infrastructure projects would be in high demand.
And this chart is showing the price action being depressed for quite a while. It has now broken out of...
here's something im sure we've all been watching.. looks pretty flaggy. IF the trade stuff is settling out, and markets general attitude stays upbeat. I think this looks real nice.
Of course this has a lot of strings attached.
In tandem with many other markets (crude oil/equities) we are expecting corrections. From a technical view, copper has completed a perfect flat correction and we should expect immediate downside from here.
Although SCCO completed the bearish gartley, the pullback tested the daily breakout. Should keep above the daily trendline and go for a new high. This move is playing on weekly double bottom so very likely for bullish continuation.
Strong resistence cluster around the 30 mark, supply. If this breaks look for 35.63 harmonic target on bearish crab.
Southern Copper Corporation ("SCCO/NYSE") is one of the largest integrated copper producers in the world. They produce copper, molybdenum, zinc and silver. All of their mining, smelting and refining facilities are located in Peru and Mexico and they conduct exploration activities in those countries and in Argentina, Chile and Ecuador. Their operations...
This past March 11th 2014, I offered two distinct forecast targets, namely:
1 - TG-1 = 35.20 - 11 MAR 2014
2 - TG-2 = 38.60 - 11 MAR 2014.
This trade was particularly tricky, as it called for one bearish target and a bullish counter-trend. However, it turned out that it hit both targets with some respectable accuracy - See original chart posted...