Copper Prices Higher 2nd Day In A Row

Copper Futures---Copper futures settled last Friday in New York at 2.7385 a pound while currently trading at 2.7020 down about 360 points for the trading week despite the fact that we ended on a positive note finishing higher by nearly 200 points.

I have been recommending a bearish position from around the 2.8240 level and if you took that trade continue to place the stop loss above the 10 day high which now stands at 2.7775 as the chart structure will not improve for another 4 trading sessions so you will have to accept the monetary risk at this time.

Copper prices are right at a 16 week low as weak demand coupled with a stronger U.S dollar continues to put pressure on prices as I will be looking at adding more contracts to the downside in next week's trade.

At the present time the risk/reward is still in your favor as prices are trading under their 20 and 100 day moving average as clearly the trend is negative and I still think we're going to touch the contract low which was hit on January 3rd at 2.56 in the coming days ahead so stay short as I still think prices look expensive.

TREND: ---LOWER

CHART STRUCTURE: IMPROVING

VOLATILITY: HIGH

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