Concern grows over global economic slowdown. The US continues to be a leader (for now).
China is the largest copper consumer, and has been beaten down. Technicals don't look good at all. At least there is no divergence.
If Trump and Xi don't reach a deal, you must know - copper will absolutely go down.
COPX (Global Copper miners)
CPER (United States Copper)
use caution as negatively sloped
but the -tve slope mitigated but strong seasonality of copper through to the end of April.
I expect a min price as indicated, but will likely see much more as the run should continue past what i have indicated.
Nice risk reward of 8+ min
Price overshoot the U-MLH of the downsloping Fork, but came back into the Fork.
Now there is a big chance that price will make a nice move to the downside.
Besides COPX I usually doublecheck with the HG1! Futures, and they are in line now.
Curious if it falls down to the Centerline, or if it stops at the L-MLH.
Copper is setting up for a long.
It is now trading close to the saddle point as
Bill Williams describes and has nice bullish
divergence.from its previous low. This is a
technical trade and fundamentally has headwinds
with China, but none the less the chart is showing
buying pressure as the bears may have over done it
from a weekly perspective