Copper futures in the July contract settled last Friday in New York at 2.6275 while currently trading at 2.6435 up about 160 points for the trading week as prices have gone sideways the past two weeks.
I have been recommending a bearish position over the last couple of months from the 2,8240 level and if you took that trade continue to place to stop loss above the 10-day high standing at 2.7020 as an exit strategy as we are just an eyelash away from getting stopped out.
My only other precious metal recommendation is a bullish palladium position which continues to climb as I am also bullish gold and silver as I think higher prices are ahead.
Copper is still trading below its 20 and 100-day moving average as the trend remains negative, however for the bearish momentum to continue we have to break the June 7th low of 2.5995 as we need some fresh fundamental news to send some volatility back into this commodity.
Continue to place the proper stop loss, and if we are stopped out, then look at other markets that are beginning to trend as the commodity markets are starting to develop strong trends.
CHART STRUCTURE: EXCELLENT
VOLATILITY: LOW Continue reading "Weekly Futures Recap With Mike Seery"