May Copper, in heavy downtrend, has finally found support both on the median line and trend line (see weekly chart for a better viewing). In the last five days it has formed a nice consolidation pattern that could lead to big moves. Looks like a bear flag to me but either way is going to be a big move at breakout.
Copper has held this trendline for 3 years. It needs to hold here. Oversold short term.
Weird low volatility mkt 14 weeks to end of the 77 bars cycle note how the 10 year Schiff's Pitchfork has worked nicely foretelling the top 2011 and relatives 2010-2012 highs potential H&S tgt would mean lowest blue parallel easily reachable in case of a 2008 bear market scenario ( lows in 5 months) here even rapidly if the 77 weeks cycle will be respected macd...
Copper could move higher next week. Trend is up and MA is giving support. In the past two weeks the price has consolidated inside a triangle flag, I would buy at breakout with stop loss below friday low and target objective 3.8450 (resistance). Reward/risk ratio around 2. If it breaks to the downside it is a sell .
open long when tomorrow's price break through today's high stop loss @ today's low-x cents
Important test of support at key long term MA, significant pattern coming to completion, soon!
Copper should be rallying with a housing recovery, strong rally in China, and strong auto sales. Instead it is about to break down.
Longer Term View. Pattern should resolve within next few months, if breaks below lower trendline lower channel line test is in the cards. Would be very ugly for global economy. Upper break faces steep resistance and less upside.
I think this is a sell stop 3.7385 with protective stop above friday high and target objective 2.5630. Chinese economy who is driving the sector is slowing down and copper is in a seasonal weak period till the end of the year. This seems a good opportunity to enter a short position. Read the competing purchasing managers index released today...
Inverse Head and Shoulder Breakout , 200 Day SMA potential Target at 3.58.
Copper price action is showing inversed Head and Shoulder pattern with a successful break out above resistance neckline. The price is sitting just inside upper BB level and Stoch indicator is reaching overbought level. Support on the downside is located at 3.40, the neckline level, which is also 20 and 50 period SMA level. Alternatively resistance on the...
It seems to me that in the nearest future we can see this picture. 2 variants of short SPY. Pay attention to divergence with cooper.