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A big fall this week.
Broke through weekly 50 EMA and heading towards its 200 EMA.
Will it break that and head into a downtrend?
Interestingly this one tears my tech vs fundo brain, copper prices are rising output is high and strikes in Chile are over.
All things considered this should be a long. Taking a clear look at the volume data the highs have been rejected twice with big volume. Not only that the moves down have been followed by volume confirmation.
A move to the main value area ...
Retreat from the previous day’s high of 503.00 t o today’s low of 492.00 suggests the rebound from the low of 473 (Sep 12 low) has run out of steam and the prices could test head and shoulder neckline level of 474.
Moreover, we have had an inverse head and shoulder breakout failure…and that adds credence to the bearish view.