Copper: Potential long trade above $3.37 (10:29)
Copper is setting up for another potential uptrend break. A close above $3.37 on the daily chart would confirm strength. Then getting above the weekly resistance at $3.43 would take us into a bigger trend move to the upside.
The last Copper alert I put out was on 14 October 2013. Although we did close just above $3.33 for a couple of days, that trade did not work out – just too early. We’ve now had time to test back down into the $3.15 level, bounce straight off that and show Professional support.
Let’s see what happens to Copper during the next week. I’m looking for a solid day up on Tuesday or Wednesday for confirmation.
Review of Global Macro Charts
Global Macro Charts – Sunday 19 Jan 2014 (31:23)
This video is long – but we’re setting up for some changes in trend during the first couple of months of 2014. US Bonds and the British Pound are already on their way. And we could get a commodities rally if the US Dollar weakens. The Japanese Yen has sold off a fair way and the Euro might follow the Pound. But it’s still too early.
Good luck with your Emini trading.