Japan sticking to ultra loose policy will lead to usd upward thrust eventually. Already reflecting conflict in policy. This is enough to put brakes on dollar slide.
This tug off war has to put brakes now.
Selling copper with sl 788 closing basis for targets 780,770 in coming sessions
Intraday
Copper Short (17 Nov)
RSI- 51
Sell at CMP- 688
SL- 689.7
Target- 683
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IN 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 prices have been rising in the past two weeks as producers chile flagged supply risks.
1. Souring heat wave in west seek demand for energy generation
2. The demand in electric vehicle adoption would likely to grow despite risk of economic slowdown.
To add fuel to the fire, The largest miner of copper Chile posted a 1.5 percent YoY fall in Industrial...
Copper trading at the 3rd line support of diagonal pattern, also has strong support at 670 zone,
Expecting buyers to hit 780-800 in case of correction and if in case of new trend …price ll rally to 950+.
