COPPER Setting Up For a Move Lower

Copper appears to be forming a swing high for another attempt to break the $2.77 lows.

think forex copper

 

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Since the $3.29 high in June price has continued to produce lower highs and lows, with bearish momentum increasing once it broke below the $2.87 swing low.

Since the rejection of $2.77 price has drifted up within a corrective fashion, stalling at the $2.90-95 resistance zone with the Monthly Pivot Point. Yesterday closed with a Bearish INside day and $2.95 may have already marked the swing high.

If there is any reason to err on the side of caution is the wide bodied bullish hammer which rejected the $2.77 low. At the same time however this is only one candle in a six month bearish move. As we are approaching the end of the year and liquidity will become lower then it may make more sense to target above the $2.77 swing low

At the time of writing the USD Index is looking heavy at the highs and this is helping to support Copper prices. However considering how heavy USD has looked recently I would have expected Copper to have made more upside by now.

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