Hi Folks! Keeping it simple, with trendlines on the daily there is a crucial moment for Cu prices. There was a beautiful trendline formed since the 4th of Feb, which created some vertical motion.
If looking on the daily timeframe the trendline is currently being tested, and although has been pierced, still holding. If it doesn't hold in the next few days, there is a loooong way down, due to lack of support.
But looking more closely on the 4 hour timeframe, we can see that the trendline held quite nicely, and that price rallied above the 50 EMA. Maybe copper isn't ready to roll over just yet? Or is it just a dead cat bounce? Next few days will tell, and the test of the 50 MA could act as the canary in the coal mine.
Happy trading!
If looking on the daily timeframe the trendline is currently being tested, and although has been pierced, still holding. If it doesn't hold in the next few days, there is a loooong way down, due to lack of support.
But looking more closely on the 4 hour timeframe, we can see that the trendline held quite nicely, and that price rallied above the 50 EMA. Maybe copper isn't ready to roll over just yet? Or is it just a dead cat bounce? Next few days will tell, and the test of the 50 MA could act as the canary in the coal mine.
Happy trading!