Copper: Trend Up?
Eddie Tofpik | Jul 03, 2017 06:41
An interesting daily chart below as with this past week's action all the MAs have turned up. So why haven't I gone fully bullish on the bullet point above? Well the turn up in the medium MA is fragile and it could have done with an extra week or so as it ought to have cemented the turn, plus we are likely (though not yet) to have a bullish golden cross.Those are the reasons! Otherwise, an excellent build-up during May and June for an attempt higher and we have sufficient closes over the recent 50% Fib at 5832.46 to suggest a solid base.
Support is currently 5944.00, 5919.66, 5866.46 (dynamic), 5832.46, 5772.66 (dynamic), 5763.96, 5745.25, 5719.54 (dynamic) and 5679.35 (dynamic). Resistance is currently at 5965.00, 5985.00, 6090.00, 6105.83, and 6202.37.
Finally, a couple of items...right at the end of writing I chose to draw a bullish Andrews Pitchfork based on just the Jun action. The market is currently between lower tine support at 5811.96 (dynamic) and the middle yine resistance at 6016.60 (dynamic).
These tines have been pretty good so far as guides for the bullish angle of attack, although it is still early in the move.
Lastly, just a reminder, consecutive closes below the medium MA (currently 5772.57) would turn the market neutral whilst consecutive closes below the long MA (currently 5573.17) would turn the market bearish.
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