Time will tell but Copper closed below the 10ema today and both my daily and weekly charts below show potential topping action. On the Daily, Copper has topped thus far, on day 6 of Trading or Daily Cycle #2. My chart shows Price wedging and Copper needs to find support at my Blue uptrend line or it will have a failed TC2 signaling the longer Intermediate Cycle has topped fairly early in less than two months.
The Weekly chart, provides a clearer picture of my longer term Price channel and where Copper found resistance. Blue arrows show 5-6 month Intermediate Cycle Lows. The first Intermediate Cycle out of the mid 2016 IC Low was very bullish while the second IC now appears to be topping quite early. I must say that this setup looks quite similar to Gold’s first two Intermediate Cycles last year.
Added: A chart on FCX, which lost the 50ma this week which is bearish, IMO. Another strong signal that Copper has likely topped here.
Previous Copper Post:
Added: Copper has NOT has a failed Trading Cycle (TC) yet so lets not over-react just yet but we need to watch it closely for where it is heading. Price would need to move below $2.61 for a failed TC to occur. Still, my first daily chart on Copper above shows a Shooting Star at resistance in an uptrend so breaking my blue uptrend may well lead to a failed TC.
Below I have added Weekly and Daily charts on both RIO and BHP. Neither the Weekly or Daily charts on these stocks look anything like FCX so far. While the Weekly charts are still very bullish, Price is wedging to a decision point on both (Price wedging is common). RIO also has a shooting star or long upper shadow pattern on the weekly. These patterns are normally bearish at resistance in an uptrend. That said, Norvast and I bought these at much lower prices for their steady growth and dividends but I will still be watching them and Copper next week.