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Copper!


dmedin

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Copper has found support, and at the completion of bullish or neutral candle taking it above the pivot at 10am I'll be going long.  Gird up thy loins Samwise Gamgee 🤠  

Having broken out of an inverted head and shoulders, copper continues to move up. IGTV’s Jeremy Naylor looks at how to trade it, and where the price target is from the neckline breakout. https://

How now s3xy brown cow 🤓  

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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.

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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.

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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. 

image.thumb.png.76e1db5ef13ce3c812239ab2b7a677c7.png

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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. 

image.thumb.png.76e1db5ef13ce3c812239ab2b7a677c7.png

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

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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

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6 minutes ago, dmedin said:

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

NHwUix3e

 

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

Here's 'common copper' :D

 

Copper_20200828_09.25.png

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