Idea for Copper:
- Commodities Cycle is topped out.
- Copper in Trade and Trend Distribution patterns.
- Clear 5 wave Impulse completed.
- Re-tested resistance and rejected.
- Price will bleed out to complete the Head & Shoulders then capitulate.
TP1: 3.44 very likely.
TP2: 2.78
PT: 1.97
Global markets are not moving back into Goldilocks, no matter what the...
Copper prices fell on Tuesday, as increasing inventories in global exchanges and worries about possible governmental price control measures in top consumer China weighed on sentiment, despite data showing solid copper imports in the first quarter.
Three-month copper on the London Metal Exchange fell 0.1% to $8,856.50 a tonne by 0706 GMT , while the most-traded...
The recent record highs in copper seems to be quite over done.
Chart has formed a backward wedge of some sort, which typically reverses down.
Expect copper to slowly move south over the coming month to the 61% FIb level.
It was in a downwards trend, then found some support. Now downwards trend became downwards wedge, trade in wedge or wait for break.
Chart and moving average says to short for 8hrs to stay in the wedge pattern and retrace to the support line...
Copper consolidated significantly after reaching overbought levels on weekly charts even. Now it has reached a very strong support level from where it should bounce back. I have decided to go long on copper from 3.45 and will ride it to the 3.65 levels. A good time to Buy Copper
