Copper Futures—Copper futures in the March contract is trading lower for the 2nd consecutive session down another 115 points at 3.5165 fractionally lower for the session in a relatively quiet trading manner.
I have been following copper for quite some time and if you have been following my previous blogs you understand that I think higher prices are ahead and if you are long a futures contract I would continue to place the stop loss under the 2 week low standing at the 3.4500 level as the chart structure is outstanding at the present time as prices really have got nowhere over the last 2 weeks.
The stock market is hitting all-time highs once again today as copper has been riding the coattails of the equity markets, but not in today’s session. For the bullish momentum to continue prices have to break the December 11th high of 3.6245 in my opinion as the volatility remains high as that could happen in a couple of days. Copper prices are trading above their 20 and 100 day moving average as this trend remains strong to the upside as I see no reason to be short and as I’ve stated in many previous blogs I think prices can trade up to the 4.00 level as that’s how strong the demand for this commodity stands at this time so stay long.
CHART STRUCTURE: EXCELLENT
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