That hammer on the weekly copper chart looks pretty encouraging - daily stochastic still has bulish divergence and stochs moving up nicely
CMR should be spitting out copper as we speak with first sales due October and linked to spot prices. If she cracks outa that wedge we all know where the target is dont we. Was previously thinking there is room for copper to slip down under $3 before breaking out of the wedge but looking at the hammer on the weekly copper futures chart am not so convinced now. DOnt profess to understand how punters would have been playing the metals market while china on holiday but have little doubt they'd have been doing something.
Saw on CNBC somethign about recent downside volatility was due to hedgies having to get cash so selling everything including copper but as said i dont understand that side of the equation so if anyone can shed light would appreciate it. Setting all that aside - the copper chart looks bullish to me - I can see some resistance at 3.23 on the daily and note that when I checked it last night it hit 3.22 to close at 3.20. Lets see if that weekly hammer says what its spose to
Lets see what happens
CMR Price at posting:
50.0¢ Sentiment: Buy Disclosure: Held
