DBB weekly .
Confluence of:
AVWAP support from multiple historic lows.
Recent double bottom (TBD)
Support going back to 2008. Tested multiple times (inc 2010 and 2022's October lows)
Volume Profile LVN consistent with the 2008 support.
My trade:
SL: the support zone.
TP: The VAH ~ around ~$21.16 appears to offer the best expected value (risk...
Lot of "China is falling apart news" sell your metals recently such as:
www.kitco.com
IMO that story isn't going to age well at least in the near term... market buying the bad news. Recent new high on DBB. Copper looking bullish again too. Turns out the world still needs a lot of metal.
Based upon that recent high and bull-flag - DBB hitting $22 = very likely. ...
I do track the DBB and DBC on the side, and particularly over the weekly charts. Something I want to highlight is that the charts are beginning to signal something ominous, as the equiy markets are defying gravity.
The DBB (Base Metals ETF) and DBC (Commodity Index Tracking ETF) both need to be bullish as a proxy lead indicator for equities. This is observed in...
A possible count for base metals? Probably too early call it off one bullish weekly candle but I will be keeping a close eye on this chart. I have included 2 counts for the correction beginning January 2018 but I'm not particularly confident in either.....in the red count the C wave is too long and in the purple count the C wave is not clearly defined.
The Base Metals market is reproducing a pattern that led to its 11.00 Multi Year Monthly Support in 2016. The formation starts with an aggressive channeled rise from the Support, continues with a Head and Shoulders and ends with a structured decline towards the 11.00 Support again.
We appear to be forming the right shoulder of the new H&S pattern so what should...
Metal investors, keep an eye on industrial metals and mining - TECK, VALE, FCX, nickel, copper, palladium. Weekly technicals beginning to turn up, possible bottoming occurring now. Daily technicals also turning upward. Currently invested in JJN - nickel.
Copper has also been rejected simultaneously. While this a weekly chart and a long term play, I expect the profits to substantial. Especially if the market admits a recession.
