Copper rose from 2100 in Nov (immediately took off after Trump election speech of "massive infrastructure spending") to 2800 in Feb. Known as the "reflation" trade which of course is all bollocks. A 30% move based only on "expectations"!! The market started to realise the reality in mid Feb and Copper has been slidding since. This is a great entry point for a short at the upper range of the triangle.
Trade active:
Closed short on 6th and reopened on 8th at 2.590 as spiked to upper triangle
Comment:
Still bearish here but closed out shorts due to a daily close above the upper trendline. 3 reasons for price rise: supply concerns from Chile, better than expected imports from China and falling stock. I don't think these reasons will hold, there are still huge global stockpiles and Freeport only resumed exports from their largest mine in April after being closed since Jan. Looking to get short again depending on the price action during the US hours.
Comment:
Short again from 26398