Some of the commodities which were showing tremendous weakness have now given confirmed sell. My own assumption about the global macro are very bearish and therefore I am expecting a good sell off in all industrial metals and energy. Let us look at the first chart of copper.
In the chart we can see that copper have made a distribution pattern and have broken below the trend line. It had also done a failed retesting of trend line which gives more conviction about the impending fall. Traders can sell copper at cmp and on pull backs with stop loss of 405.
 |
| Copper Monthly Chart |
The following chart shows the retracement on copper. The downside target for copper is at around 330 and 290.
 |
| Copper Retracement |
Similarly Nymex crude had been forming distribution pattern and have broken below the support Traders can short crude at Cmp and average it around 88 with a stop loss of 92.50 and target of 75 -77 USD.
 |
| Nymex Crude |
No comments:
Post a Comment