Copper!

[CharlotteIG]

Jeremy Naylor and Charles Gibson have a chat about Copper and what's next for the metal. 

 

 

Let me know what you think of their discussion and your trading ideas for copper in the long/ short term. 

We do have this podcast on our spotify, apple and google channel. 

• Spotify
• Apple
• Google

 

[dmedin]

Gibson is a bit of a posh-sounding geezer, I'd rather look at the chart. 

[dmedin]

Still waiting for a buy signal, not quite there yet.

 

[dmedin]

Get back in long now, canny loons.

[dmedin]

😼

[dmedin]

Ah, it's a miserable, rainy day in mid-summer and copper sh!ts the bed.

Just beautiful.

[dmedin]

Has copper got its mojo back, Peregrin Took?

[dmedin]

Let's see if it can clear the hurdle of 6500, toots 😘

 

[dmedin]

Copper hoists down its breeches and lets rip, hungry hippo style.

 

[dmedin]

6340 ish held, looking for 6700 now 😘

 

[dmedin]

Copper has well and truly soiled the bed sheets.

 

[JJP]

Copper looks like it is in a very interesting place. My thinking...

Demand is dropping as factories are slow to get back to work and GDP is falling in the major economies. On a positive note, demand in China, the biggest market, would appear to be coming back.

On the supply side, mining has help up during the response to Covid_19 and supply seems strong. 

Lower demand, higher supply and price at a 2 year high... perhaps a correction is due. I am considering a short position and will start thinking about an entry level.

[JJP]

[dmedin]

Looks like it is doing an Elliot Wave complex correction at the moment.  Makes me wish I could do EWP properly  

[dmedin]

Need to see a move above 6632 before going long and a move below 6227 before going short 🤔

 

[dmedin]

It's not looking canny, Eileen

 

[JJP]

Looks like a close below the up trend support, but holding above yesterdays low. For me, I will look for a close below 6227 before attempting a short, just as you also conclude.

[JJP]

Strangely though, I think the chart pattern is an Elliot Wave airplane chasing an inverted cup and handle. I imagine that everyone will be able to see that and will all follow it's trading expectancy, and thus a continued sideways movement will result. 

[JJP]

Just now, JJP said:

Strangely though, I think the chart pattern is an Elliot Wave airplane chasing an inverted cup and handle. I imagine that everyone will be able to see that and will all follow it's trading expectancy, and thus a continued sideways movement will result. 

Or maybe it is the even more special ship and inverted cup pattern.

[dmedin]

Canny loon 🤓

 

 

Edited August 17, 2020 by dmedin

[dmedin]

🤓

 

[dmedin]

Onward and upward, canny loon 🤓

 

[JJP]

I see your long bias is paying off this week. The news tells me that the refined copper production outlook by Rio Tinto has been cut recently. So a potential shortage of supply. Do you think this is the reason for the recent surge upwards

[dmedin]

That's it for now for copper I guess.

 

[dmedin]

Tamsin?

https://uk.reuters.com/article/uk-china-metals-ahome/column-metal-markets-caught-out-by-strength-of-chinese-stimulus-idUKKBN25G1QH?il=0

[dmedin]

Well, Catalina?  Well, Eileen?  Well, Peregrin Took?

 

[dmedin]

Hang steady, canny loon 🤓

 

[dmedin]

Canny loon 😻

 

[dmedin]

Well Tom Bombadil, well Peregrin Took, well Samwise Gamgee, well Cleopatra, well Erykah Badu 💃

[dmedin]

6 minutes ago, dmedin said:

Well Tom Bombadil, well Peregrin Took, well Samwise Gamgee, well Cleopatra, well Erykah Badu 💃

 

Think that's high grade copper or some kind of weird sh!t.

Here's 'common copper'