Xcuusd (Copper)
Copper -- Short the BreakoutIt seems copper couldn't break out of the longer term sideways consolidation and has now broken the uptrend line and is forming nice bearish flags. This looks to me like it will be another good trade upon the breakout of the trendline if it also meets certain other criteria (like impulse on the lower time frames and no bullish impulses before then). If you have a different view, please share it with me!
Copper Bearish AB=CD Pattern ShortWe can see a double top with 2 nice pinbars at an expected level of resistance. Note that this level is the .618 retracement level of the last larger drop as well. The RSI looks as it may be coming out of overbought and we are near the 1.618 extension of the last move up.
Please do not use this as a trade signal. I am still learning much about trading and I do not recommend you take this trade -- these are just my ideas. I welcome any feedback or comments below!
Breakout in Copper ... A Sign of Global Economic Recovery?The price of copper is a good proxy for economic activity and hence the health of the global economy. Am tracking the price of copper for signs of a an economic rebound in the days ahead. My guess is the breakout in price is just a blip and prices of copper will soon fall to lower levels as we head into the new year.