Copper (Lower time frame version)DD is the same as my previous post:
From my daily level post:
Bullish on copper with the current confluence of news -
Goldman called copper the new oil due to its links to the green energy sector and gave a very bullish price forecast citing a potential future shortage due to "demand increasing 900% by 2030"
Coinciding with this was the mining strike in Chile - first the rumblings of a strike then the actual strike itself. Chile produces roughly 25% of the World's Copper .
Currently we are in a bullish channel on the daily chart and I expect we could see a bounce off the upper trendline, especially if positive news from Chile breaks at the same time as the price reaching this area.
Comment on current intraday:
Copper (and Corn futures) broke the intra-day channel heading to the secondary intraday support of ~4.390, rebounding at a psychological support of 4.45. Note this took me by surprise completely and stopped me out of my trade, as I moved up my stop to 4.485
Not sure what caused the big dip just prior to the US equity market opening (SPX / SPY also dumped on open) answers on a post card please?
My bias is still big time bullish due to the reasons in my original (shorthand) DD above. Please let me know your thoughts
