COPX - Evergrande Fall-Out
Bearish sentiment building for copper and other metals/commodities from Evergrande debacle in China and copper prices were down sharply this past week.
COPX weekly chart closed outside the longer-term (march 2020) regression channel for the 2nd time in the last few weeks also printing a bearish engulfing candle indicating potential for more near-term down.
Initial downside target bottom of the current regression channel at the 1.618 fib.
COPX is currently setting atop the mid-line of the nearer-term regression channel and has volume support in this area and may briefly bounce.
Not financial advice.
COPX weekly chart closed outside the longer-term (march 2020) regression channel for the 2nd time in the last few weeks also printing a bearish engulfing candle indicating potential for more near-term down.
Initial downside target bottom of the current regression channel at the 1.618 fib.
COPX is currently setting atop the mid-line of the nearer-term regression channel and has volume support in this area and may briefly bounce.
Not financial advice.
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