Referring to last week's plan for Copper below :
..the price did in fact expanded to the downside as we anticipated after the range was below the 20-week AWR range projection in the previous week. However, as price expansion happened mostly on that Tuesday, the price failed to meet Copper's 20-day ADR from Wednesday until the market closed on Saturday morning (Singapore/Malaysia time). That is 3 days missed days and I expect a price expansion in daily range context between this coming Monday to Wednesday.
I am still bearish Copper based on these oversimplified rationales :
1. Fundamental Analysis rationale, the increase of global copper supply, the reported weak demand for copper and reports that China is increasing its output whilst data suggests their demand for Copper is weak
2. Technical Analysis rationale, the long term timeframe shows price hasn't broken certain resistance levels to warrant me to change my overall bias from bearish to bullish.
I am looking for a bull trap at the levels I have marked.
..the price did in fact expanded to the downside as we anticipated after the range was below the 20-week AWR range projection in the previous week. However, as price expansion happened mostly on that Tuesday, the price failed to meet Copper's 20-day ADR from Wednesday until the market closed on Saturday morning (Singapore/Malaysia time). That is 3 days missed days and I expect a price expansion in daily range context between this coming Monday to Wednesday.
I am still bearish Copper based on these oversimplified rationales :
1. Fundamental Analysis rationale, the increase of global copper supply, the reported weak demand for copper and reports that China is increasing its output whilst data suggests their demand for Copper is weak
2. Technical Analysis rationale, the long term timeframe shows price hasn't broken certain resistance levels to warrant me to change my overall bias from bearish to bullish.
I am looking for a bull trap at the levels I have marked.