News from Cliff Green
Immediate rally attempts appear to be poorly based corrective action only and a respose to the speed and extent of recent falls. Hence beleive this could be sharp but probably short lived.
See full report for full details of where to sell into this rally
With copper breaking historically important supports, next stop should be around 5800 with the full implication suggesting eventual targets closer to 5000.
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The important support set in and around 1880/90 looks to have held for the time being although immediate recovery attempts should be limited to corrective bounces only for the time being. Only a market close beneath 1880 would complete a more serious ‘top’.
While the outlook for copper appears bearish with lower targets readable, the speed and extent of recent falls leaving prices vulnerable to potentially sharp corrective bounce in the shorter term.
Recent corrective weakness looks close to completion with support which extends down to 1970 appearing to have cushioned falls. Overall technical outlook still bullish.
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Ali remains the best of the LME complex with current solid upward cycle appearing headed towards 2200 area. Local resistance at 2120 but pullbacks are likely to be restricted to corrective dips only.
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6950 looks to be the trap door in the market which if decsisvely breached would complete a serious top,
The break of further key levels of resistance secures a much larger base with prices expected to trend higher in the weeks ahead.
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This strong rally in copper still appears to have little foundation and hence is unlikely to prove sustainable. Expect strong resistance around 7220 area.
Expect copper prices to come under renewed downward pressure as completed topping pattern reasserts itself. See full report for trading details