Laurels not meant to be rested on copper

April 22, 2016 12:44 PM

Copper (Future, July) shown below in the daily chart has had some high wave sessions (large movements outside the open/close body) with small difference between open and close levels. This is indecisive on daily and is not supportive of the bullish advance.

The hourly chart shows a bearish shooting star that is confirmed with still lower price action in the next hour and is currently following lower. While I wouldn’t necessarily target a level of 224, but perhaps close to 221. But if pirce fapps belowl that, look for a test of 215 test, maybe.

About the Author

Martin McGuire, managing director at TJM Institutional Services