July Copper Futures
The Copper advance from the March low of roughly 2.95 appears to me to be an a-b-c pattern. This rise which pressed up to 3.3155 in last week’s action I have currently labeled a B wave and am expecting a C wave breakdown. The market has given up some ground so far today and as I write this is trading at 3.2520. The low of 3.2445 is right at the channel comeback level. A slip below here should follow through to +/- 3.22. This is a tough spot and should put up a fight. A close below could trigger further losses. My next objective comes in around 3.15 at the hourly mid pitchfork level. I’m anticipating a mild reaction here. Looking forward I’d be expecting another round of selling to press the market to roughly 3.08 with a potential flush to 3.04. A violation of 3.30 negates this setup. Please follow along with me as I attempt to stay one step ahead of this and other futures markets. I welcome you to reach out to me at Walsh Trading to discuss my insights and suggested trade strategies.
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