Wednesday, March 2, 2016

Copper Looks Much Better Now

Today copper made an impressive move above its strong technical resistance. For those familiar with Technical Analysis - copper filled the pattern called Head and Shoulders:


What is more, the last COT report confirms the fact that big speculators are still holding large net short positions in copper (one of the largest in history):

This negative sentiment plus a strong and important technical pattern may be the first signs of a trend reversal.

Summing it up - it looks like the copper bulls may feel much better now.

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