Not so Shiny: March Copper Futures

John LunneyGeneral Commentary

     March Copper Futures

     About a month ago I wrote a bullish copper report. I know belief we are close to the termination point of this two year advance. The overhead convergence zone on the weekly price chart comes in just below 3.52. Currently It appears that there will be noticeable momentum divergence in multiple time-frames if we were to rise to this level which is just shy of the .618 retracement. I would not suggest to blindly jump into the deep end seeing that the geometric lines producing this cross zone are rising with the move. In these situations it is my belief that it is prudent to wait for confirmation. I like to employ candlestick formations along with visible structural evidence. First level target should this setup come into play would be roughly 3.03. My longer term objective comes in at +/- 2.55. Please follow along with me as I will be closely monitoring upcoming market developments .

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