Copper ~ Help Me Obi-China, You're My Only Hope (2H)
Updated
COPPER chart mapping/analysis.Copper - off its October lows, yet still contending with global macro headwinds & China's difficulty in shaking off its deflationary economic funk..
Trading scenarios into EOY:
- Prelim trading range = ~3.93 - ~3.73.
- Under bearish pressure from 38.2% Fib rejections.
- Bullish reaction to China/macro economic news = bounce off lower range of parallel channel (green) + 200SMA confluence support / break above 38.2% Fib / break above ~3.93 upper trading range.
- Bullish extension target(s) = 50% Fib / upper range of parallel channel (green) confluence zone.
- Bearish reaction to China/macro economic news = break below ~3.73 lower trading range / lower range of parallel channel (green) / break underneath 200SMA, becoming dynamic resistance.
- Bearish extension target(s) = 23.6% Fib / lower range of descending parallel channel (light blue).
Note
Copper chart update (Thurs 14/12):- Price action in ascending flat top consolidation, TBC.
- Bullish play = break above 38.2% Fib / ~3.93 re-test (yellow horizontal line, dashed).
- Bearish play = break below lower range of ascending parallel channel (green) / ~3.73 re-test (yellow horizontal line, dashed).
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