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Good Spot for a Low in Copper

Good Spot for a Low in Copper

Jamie Saettele, CMT, Sr. Technical Strategist

COT considerations suggest that copper could turn up now. More importantly, the price chart indicates a favorable reward/risk propostion on the long side. To review, the 2002-2008 trendline was support in January. There is a shorter term trendline (blue line) being tested now. Pattern wise, the rally from January is impulsive (5 waves) and price action since the March high could end up as a bullish head and shoulders continuation pattern. Strength above 2.0995 would trigger a short term bottoming pattern that could launch a broader advance.

For additional insights, including analysis of intraday, daily, weekly and monthly charts, member only webinars, Twitter updates, and specific trade plans, then consider joining SB Trade Desk (click here for more).

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