Copper looks like dis-inflation (dare I say "deflation") is a real possibility. Global growth is often reflected in this industrial metal used in electronics to building construction. Multiple consolidation price patterns are forming and massive distribution has obviously taken place. This all happening while crude oil has fallen out of bed, global equities have...
Copper has been pushing lower to the support of this monthly descending triangle, a breakout confirmation below that support would probably confirm a plunge. The projected target for the pattern is near the 2.00 mark also near the main rising trend line.
Good luck , join me at twitter.com
Also at my Facebook page www.thefxchannel.com
My best regards,
Technician
Copper bear trend started in August 2014 (M top). A close below 3.00 psychological level will project the price lowwer towards next support and bear median line.
Copper seems to have bounced at a point of significant confluence. There is the lower parallel of the rising Schiff median line, the Fibonacci 1.618 falling extension, and there is something reasonably close to a harmonic bat.
Copper on a daily chart. Not much say. Price hit resistance multiple times and is now taking a dive. Not many support levels on the way down. I would look for a bounce a the grey arrow and observe price actions a these levels.
Copper corrected for a few days after a very nice rally. The overnight china data made copper gap up. I believe it is ready for another push. I'm going to play this bias through FCX which shows relative strength and I allready have a position there.
Copper Weekly
Critical resistance on 4 year downtrend_line, 50 sma, ( daily 200 sma ), median line channel. ( ~ 3.20 )
A break of this resistance could send the price to 3.32(100 sma)-17/2 high, and January 2014 high , 3.42. (~38.2%). MACD bullish.
Support at 3.00. Horizontal support, 50% retracement, 2005 up-channel. A break of this support could send the price...
I have had a bullish bias on copper for some time, check the linked chart. After a false break below 3.0000, things looked good for copper, and a small uptrend emerged. Now, this uptrend is correcting, and it seems like the correction is ending, and bearish momentum fading. The problem is that around 3.000, there is a strong resistance area, and placing a stop is...
I don't really watch commodities, so this is something new for me.
There are many ways to call the pattern in this chart. One could say it is a descending triangle, or a tripple bottom, or a double bottom...so i'll not give it a name, I am just going to explain what I see.
Most imporant, I see a round level at 3000, acting as a great support. It has been broken...
Copper (HG) is holding support at 3.00 (monthly chart). Reversal bar on 19Mar2014 is a confirmation that the demand is strong at this level. Market is extremely oversold and this is a low risk entry point for a quick gain. Market could retrace once the target is reached and pull back towards the lower parallel for another long position.
Copper (HG) is holding support at 3.00 (monthly chart). Reversal bar on 19Mar2014 is a confirmation that the demand is strong at this level. Market is extremely oversold and this is a low risk entry point for a quick gain. Market could retrace once the target is reached and pull back towards the lower parallel for another long position.
Copper (HG) is holding support at 3.00 (monthly chart). Reversal bar today is a confirmation that the demand is strong at this level. Market is extremely oversold and this is a low risk entry point for a quick gain. Market could retrace once the target is reached and pull back towards the lower parallel for another long position.
