Copper Holds Below Key Trendline

Intermediate
  • We downgrade our neutral conviction stated in our prior post on Copper to Short. 
  • Bears finally pierced a major uptrend line dating back from 2016. Trend line, now at 2.6099 may offer bears further opportunities to sell on retracements. 
  • Trending setups reinforce the near-term negativity as 50/21-Week EMA’s continue lower.
  • Momentum setups too confirm bear themes as MACD continues lower into negative territory.
  • Scope to visit 2.4673, 61.8% fib retrace of the 2016-2018 rally, then 2.4360, the middle tine of the Andrews pitchfork.
  • A move back above the 38.2% fib retrace at 2.7912 would shift our view back to neutral. 
HGc2 Copper Chart

Editor

Akif SH. Din MSTA, CFTe, 2018 Bronwen Wood Memorial Prize Winner, has a solid understanding of global markets, fundamental analysis as well as having a vast amount of knowledge in technical analysi...continued

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