My current active open positions: AUDUSD, AUDNZD
US Copper – Potential Accumulation Before 2nd Attack On Yearly Highs (4hr chart)
Starting the year around $200, copper has been one of the hottest commodities for 2016. The metal hit a yearly high earlier this month just north of $270.
What is interesting is the impulsive selling in the price action just 10 days ago, dropping almost 8% in less than a day. A lot of people have speculated this is the end of the bullish run in the metal. However the price action since then has been forming a ST base around 245/250, almost as if the buyers are accumulating before attacking the yearly highs again.
For now, I’m ST bullish …... Keep reading