Copper Futures HG1!
Copper: Looking to Sell High and Watching for Bullish PatternsMy plan is to try and buy low and sell high, so I will be looking for a chance to short the completion of the bearish Cypher and then will begin to watch for bullish patterns on this time frame (so far butterfly, bat and cypher are all possibilities but we will see what develops).
Copper in quiet mode for now.Cooper finished initial correction as wave A, and is now in wave B. The B wave is expected to be choppy. Short could be started to build above 2.76. However, if it traded in/above the red box for a extended period of time,short should be covered. There is going to be big risk of impulsive extension.
INTERMARKET | Copper Suggests Short CATThe normalised chart of Copper (white) vs CAT (orange) would indicate a CAT short is a reasonable equity trade here...
TECHNICALS | Copper's Up-Trend BrokenWhilst diagonal trendlines are geometrically certain to break, they are also rather difficult to trade, looking very obvious ex-post, but hard to pull the trigger on ex-ante. In this case, I am inclined to take the signal given I have traded the vicissitudes of Copper quite well, particularly in the past 6 months.
High Grade Copper (HG) prices seen higher in the coming monthsThere has been little change, with High Grade Copper prices balanced around USD2.7000, confluent with the 233-month weighted MA and the (50%) Fibonacci retracement of the 2014-2016 fall.
However, the underlying bullish tone is intact, as momentum studies and the positive Tension Indicator, (not shown), continue to strengthen, with clearance of here and the USD2.7220 year high of November 2016 looked for.
This will confirm continuation of the January 2016 rally and open up congestion around USD2.8000. Beyond here is the USD2.8555, (61.8%) Fibonacci retracement.
Support is raised to the USD2.4800 low of January, and extends to the USD2.4480 low of December. This area should underpin any immediate tests as investors maintain a buy-into-weakness strategy.
An unexpected break, however, will delay higher levels, and open up the USD2.3145 high of March, where fresh consolidation should then develop.
Copper looking shinyThis is a straight forward setup where we are seeing a possible longterm reversal breakout in copper. This could blast at any moment OR it could just as easily reverse and fail miserably. I will wait and see how we look on Friday COB.
High Grade Copper poised for further gains in the coming weeksHigh Grade Copper continues to trade higher, with prices now within reach of critical resistances at the USD2.7200 retracement and USD2.7345 year high of November 2016.
However, there is risk of a short-term pullback before a clear break is seen, as daily studies become overbought.
Support is at congestion around USD2.6000, but slippage beneath here should remain limited, as background readings continue to improve and investors maintain a buy-into-weakness strategy.
A later close above USD2.7345 will confirm continuation of the broad 2016 rally, and open up congestion around USD2.8000 as investors adopt an outright bullish stance.
Still higher is the USD2.8700, (61.8%) retracement of the 2014-2016 fall.
Palladium potential H&SWhile I'm generally bulled up on metals but palladium could be running into a right shoulder
Copper awaiting TrumpOne more PQRST pattern developing
This time - Elevated ST component likely to be seen
PhD of economic Copper future near termThe copper is about to grind out a move in attempt to break a decade long trend line zone.
Price is supported near term, but the action is going to become more and more choppy.
Gold Jan17Looking for an excuse to get short. The sell off on the dollar today not going to help as yet.
Buying interest below 1,140
Copper/Gold vs US10Y NormalisedToday in unusual inter-market relationships we have Copper/Gold vs the US10Y.
I need to think about this more to grasp its claims upon reason, if indeed there are any!
United States SteelOn my theme on long metals also having a nibble long at X. Will wait on a move above 37.26 before adding on dips.
GDX - Do metals put in another leg lower?Even with gold futures breaking out GDX hints at another leg lower
Weekly Copper Nearly Tagged 200MA... Reversal is looking particularly logical over multiple time-frames.
Copper MACD Returning from 2 Standard Deviations... Presumably this trend has encountered exhaustion, perhaps it is worthy looking for a short term entry with a stop above the high!?!
Rio Tinto Nov16Goes against my bulled up metals view but will be looking to short above $61. May the meltdown china induced... writing in the tea leaves?
HG Copper expected to extend gains in the coming monthsThe bounce from the January trendline has accelerated sharply higher, with fresh demand at USD2.2000 pushing prices above critical resistance at the USD2.3235 high of March.
Fibonacci resistance at the USD2.6805, (50%) retracement of the 2014-2016 fall has been reached, with potential for still further strength in the coming months towards congestion around USD2.8000 as background studies also improve and investors adopt an outright bullish stance. Beyond here is the USD2.8560, (61.8%) retracement.
Setbacks are expected to stabilise above USD2.3235, as investors maintain a buy-into-weakness strategy, but if broken, focus will turn back to USD2.2000 as sentiment turns cautious once again.
