Copper Futures––Copper futures in the September contract is currently trading higher by 260 points at 2.7200 a pound higher for the 2nd consecutive session hitting a 2 week high. I have been recommending a bullish position from around the 2.7130 level and if you took that trade continue to place the stop loss under the June 7th contract low of 2.6000 as we were just an eyelash away last week from getting stopped out as that is why it is so important to place the proper stop loss.
For the bullish momentum to continue we have to break the July 1st high of 2.7550 as I think that could possibly happen in this weeks trade as the U.S stock market is also hitting another all-time high today as that is helping support copper prices over the last week.
Copper prices are trading above their 20 day but still below their 100 day moving average which stands at the 2.8100 level which is still quite a distance away as that tells you how bearish this market was over the last several months, however the tide has turned in my opinion and higher prices could be ahead.
The chart structure at the present time is still outstanding as prices really have gone nowhere over the last couple of weeks, but I do believe that the strength of the U.S economy will push prices higher as the commodity markets are starting to look bullish.
CHART STRUCTURE: EXCELLENT
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