copper LongCopper may be setting up for a long. This level is in the middle of a range so, it is not the strongest however watch the price action to see if it holds.
Hg1
GC1!/HG1!The Gold vs Copper ratio is near historical extremes. Presently its in the 96th %ile of observations since 2008 and testing trend support.
All that glitters is ... Copper?!Personally I think we are set to complete wave 2 of a 5 wave impulse north. My projected trajectory highlighted by the blue waves.
Majorly bulled up unless we break Jan'16 low 1.93. Currently on the hunt for long entry around these levels.
COPPER 15MIN: priginal 15min demand buying opportunityH1: we are indiside of an H1 demand zone
15MIN: there is 15min original demand zone for buying opportunities inside of an H1 demand zone
TP1: Just before H1 wick
TP2: Will be Trailing till just before the previous swing resistance
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USOIL. COPPER. AUDUSD. BottomedCrude oil is a top asset.
Copper and Aussie have a strong correlation.
USOIL looks bottomed.
So then current weakness in Copper and AUDUSD is just a correction before a new impulse up.
Copper ShortMedium term still see prices heading higher but sat under trend line resistance this is a sensible shorting opportunity to test shoulders of inverse H&S.
Short at 2.270 SL 2.307 TP 2.037
Freeport-McMoran possible trajectoryLong term I'm bullish but if we can get a lift in USD and see metal take a dip we could be looking at a near term high. In an ideal world we bounce up to fill gap at 13 and then roll over and drop back to $5 levels. Tough to believe it could take such a battering but those gaps are there to be filled. One to watch this week.
Gold ShortLong term bullish gold... however useful short opportunity as we approach 1306 high. Will be looking to load up long if we get a decent dip.
Copper lead the sell off see "Copper Short"
Short at 1287, SL 1310, TP1 1183
Copper - The LandscapeTaken quite a few steps back to see where this metal has come from in the hopes of seeing where we likely to be heading in the future.
While in free fall we are sat on potential new TL currently.
Break that and we look like we're heading to 1.50.
Support around 1.40
Update on Copper - Breakdown ContinuesI already took a profit on my last position. I am adding to my position here. Dear old China should take us to our target.
short on open to bottom of the channelAs many will be well aware copper has confirmed a break of the descending triangle. A clear channel has also been playing out with the bottom of the channel still some 8% away.
HG Copper futuresCopper looks like dis-inflation (dare I say "deflation") is a real possibility. Global growth is often reflected in this industrial metal used in electronics to building construction. Multiple consolidation price patterns are forming and massive distribution has obviously taken place. This all happening while crude oil has fallen out of bed, global equities have lagged greatly behind the USA (save India). Target is $2.30 - 2.35 zone depending on velocity. For equity traders/investors, the question is how long can USA equities stay elevated before these global forces catch up.
