News from Cliff Green
The technical outlook for the LME complex as a whole continues to improve with copper completing the full set of important basing patterns to now be in place.
The past 12 months volatile consolidation pattern is now confirmed to have been a bottoming process with chart measurements suggesting moves closer to the 6100 and even 6400 areas in the weeks and months ahead. Interim resistance should be anticipated at initially 5440 although immediate pullbacks are likely to be restricted to potentially sharp but probably short lived corrective action only.
My clients have been long of metals for some time now but further opportunities to get on board will be had on corrections.
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Increasing technical evidence suggests important cyclical lows to now be in place with the outlook for the weeks ahead looking rather positive. Consider immediate weakness to be healthy corrective action only and should be considered buying opportunities.
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LME Nickel has experienced a spikey fulfillment of our long awaited downside objective in the 9000 region where historic support should be uncovered. Would anticipate a rather volatile period of correction and re-consolidation to now develop.
The main bear cycle in copper remains very much alive with rally attempts being restricted to short lived corrective bounces only for the time being. A retest of the recent lows around 5240 is now likely.
After consolidating within a broad and choppy trading range for the past 9 months Gold has broken decisively to the downside fully confirming resumption of the main bear cycle. Chart measurements confirm targets of initially 1080 then 1050 although eventual tests closer to the 1000 region are likely. Immediate recovery attempts should now be restricted to sharp but short lived corrective bounces only with resistance waiting around 1130.
LME copper is currently approaching critical support in the 5850/60 area which if decisively breached would confirm the Jan-May recovery phase to have been major corrective action only and signal acceleration towards next objective in and around 5620. Take a free trial of my Daily Report to see full details complete with trading strategies.
While short term trends have again turned down in the LME complex, current weakness appears to be much needed corrective action to recent impressive gains and hence viewed as part of a broader basing pattern. Could still work a little lower but don’t get too bearish with the longer term outlook steadily improving. Take a trial of my daily reports to get a full insight of expected supports and trading stategies
There are definite signs of improvement in the LME base metal markets with early technical evidence of a potential bottoming process being experienced. While each metal is at different stage of this basing cycle, the action currently being experienced appears to be preparation for a new bull trend perhaps later this year. There are very clear break levels which you should all be aware of so you are ready and prepared to take advantage of this. Visit my web site. www.cliffgreenconsultancy.com and take a two week free trial of my daily or weekly report.
Friday’s break to the upside completed a secondary bottom capable of supporting a test of the 6200 and even 6350 areas. However, this still appears to be corrective action only with longer tyerm downtrends undisturbed.
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While the LME base metals complex continues to track sideways within volatile re-consolidation patterns for the time being, this type of action is clearly preparation for the next trending situation with copper in particular looking likely to be the next to spring into action! Now would be a good time to take a Free 2 week trial of my Daily Reports and I am currently offering significant discounts for the first year’s subscription.