Copper may be ready to start its next phase. Over the last year it has traded in 3-4 month ranges before bouncing to the next range. The October to mid January Symmetrical Triangle. The downtrending consolidation from February to mid May. And the latest the ascending triangle that began in mid May is now 3 and a half months old. Time for a change. Question is which way?
The Relative Strength Index (RSI) has been trending higher and is on the verge of a turn to bullish territory over 60. But looking left it has failed here twice before since the beginning of July. And the latest run higher is now showing topping candles. The key for the next 4 month cycle seems to be the 3.57 level.
A move over that line should trigger a rise and retest of the extension of the previous downtrending resistance and adding credence to a long symmetrical triangle. A failure there could break the pattern and continue to move in the range between 3.30 and 3.57. No direction on copper or news on its perspective on the economy until that level is resolved.
Disclaimer: The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
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Copper In Limbo
Published 08/28/2012, 09:25 AM
Updated 05/14/2017, 06:45 AM
Copper In Limbo
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