Copper Futures—Copper futures in the July contract is trading higher for the 3rd consecutive session up another 1260 points or 2.75% at 4.7285 a pound hitting an all-time high this week as this gravy train continues its bullish momentum. At the present time I’m not involved, but if you have been following my previous blogs you understand that I’ve been bullish copper for quite some time as I thought the 4.00 level would be broken months ago and it did occur and now I do think the 5.00 level is in the card as this market is incredibly strong as I see absolutely no reason to pick a top and sell.
Copper prices are trading for above their 20 and 100 day moving average as this trend is incredibly strong to the upside as there are massive shortages due to the Coronavirus situation that has occurred over the last year or so and it is affecting many different sectors including copper.
The volatility at the present time remains high and that situation is not going to change and will become even more violent especially if we cross the 5.00 level in the coming weeks ahead as this probably is the strongest trend out of all commodities at the current time. If you are long a futures contract continue to place the stop loss under the 10 day low standing at 4.41 on a closing basis as the proper exit strategy.
CHART STRUCTURE: SOLID
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