Copper should be heading lower to around 2.25/2.35 in the coming weeks. Crucial support at 2.55 gave way today.
Copper Futures heading higher to 2.85/2.90 zone. Stop 2,55
Correction or Impulsive Down Move - Only Time will tell. However one can stay with a short side bias for next month or so and play for a move to 2.3 Area (Green Line)
KST indicator has turned up indicating a swing up to the 2.75/2.80 zone in the coming days. Stop @ 2.525 (beloew previous swing low)
Copper has completed abc correction that began in early 2016. It is also at the top of a LT channel. Copper seems to have started a corrective (possibly impulsive) move from 2.8 highs; this should take it to a target of 2.49 in the short term(also a strong support zone)
Copper Futures heading for bearish breakdown from ending diagonal pattern (Wave 5 end usually)
Nothing More to add to my last comments. Except that the possibility of a last push up to Green Area still remains in Play.
Not 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
With Limited possible upside, distribution may soon begin. Be Careful with LONG entries.
If price trades above the blue line and trades there, next resistance could be the falling green line and then the red falling TL at 2.2500.
Since 15th Jan 2016-- Copper QC moved impulsively & made a top@2.3200..Since then it retraced & has been moving sideways- almost completing an H& S pattern. so once we move above 2.2400 -it the first clue & above 2.2900.. Copper QC contract shall move strongly upside in the zone 2.5500 to 2.5700 which is the target zone of Head & Shoulder...