COPPER Correction to accelerate lower.

7 dic 2023

Last time we looked at Copper (HG1!) 1.5 months ago (October 24), we caught the most optimal bottom buy signal:

The price action didn't only hit our Target but also broke above both the January 18 2023 Lower Highs trend-line and the 1D MA200 (orange trend-line). The rejection that took place on Monday though, is giving rise to a new Falling Wedge pattern with the current Bearish Leg on full display. The bearish signal is already confirmed as the 1D MACD has completed a Bearish Cross, and so far the sequence is very similar to the August 01 rejection.

As a result, we are bearish on Copper, looking to take advantage of today's green 1D candle and short near the closing in anticipation of being close to the peak. Our short term Target is 3.6100, which is the 0.786 Fibonacci retracement, a symmetrical level where the price bounced on August 17. Selling can only be extended if the green Support Zone breaks.

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