Copper Futures—Copper futures in the July contract is sharply lower this Wednesday afternoon in New York down 800 points currently trading at 2.8240 a pound as prices have now hit a 10 week low. I have talked about copper on multiple occasions and if prices close below 2.84 I will be recommending a short position while placing the stop loss above the 10 day high which now stands at 2.97 as the risk is around $3,800 for a large contract plus slippage & commission or $1,900 per mini contract plus slippage & commission.
The chart structure will start to improve in Friday’s trading session as the stop loss will be lowered to 2.9385 as it looks to me that prices topped out on April 14th around the 3.00 level so play this to the downside.
Copper prices are now trading below their 20 and 100 day moving average telling you that the trend has turned to the downside coupled with the fact that we have now broken out of an 8 week tight consolidation pattern as the longer the consolidation the stronger the breakout in my opinion.
The commodity markets across the board remain bearish as there is a lot of red on my screen as I write this article as all the money flows continue to go into the U.S equity market which hit another all-time high.
TREND: HIGHER
CHART STRUCTURE: IMPROVING
VOLATILITY: AVERAGE
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