Copper Trying To Turn UP from HereCOT reports slowly edging in bullish territory (May Still take a week or two).
Daily Momentum also trying to turn UP.
Price taking support at 200 Weeks MA.
I will be looking for Buying Opportunities in Copper , in coming Weeks/Months.
But a bit of Patience is the Key Here
Hg!
Dr. CopperIN spite of Bullish COT Reports - Copper Still seems to be working to kick out the last bear.
While Weekly Momentum is up and Daily Down, Looks like it still has one or two legs down before it moves up.
3 to 3.1 Area Looks interesting. Watch Out for it.
Have Patience and keep a Watch on Daily Momentum
COPPER - Elliot wave countsOverall Elliot wave counts on daily time frame.
Most investors treat trading as a hobby because they have a full-time job doing something else.
However, If you treat trading like a business, it will pay you like a business.
If you treat like a hobby, hobbies don't pay, they cost you...!
Disclaimer.
I am not sebi registered analyst.
My studies are for educational purpose only.
Please Consult your financial advisor before trading or investing.
I am not responsible for any kinds of your profits and your losses.
Copper - Status QuoNot much to add to Last Weeks Analysis, except that i have also added Open Interest to the chart.
You can well see that Open Interest is at Record High for Last 7 Years.
In fact it is at all time record high for last 25 Years.
So be Careful. With Bearish COT Commercials and record high OI,
My Bearish call has a solid backing and reasoning