Now back down to $3.14....so yesterday looks like short covering. The media still reports of a coming weak China market and for lower commodity prices as a result. Still, it hasn't happened.
Indeed - it was also a "head fake". July holding onto $3.09. Draghi's speech effect with positive notes to Euro housing likely to fade eventually. How long before we are at that magical $3.00 level ?
Mid May I still have the Call option spreads and went short July Copper, got stopped out a few times at breakeven or small losses, the shorts at end of May, am still in as add-on trades and added to a beautiful Head & Shoulders Wednesday, all should have seen that. I just keep short, eventually it will go down or I get stopped out. I just am a Monkey and trade my rules.
Nice Handle....thanks for mentioning the above....I need to start posting some charts. BTW:Wow, another 4 cents down today !!!
Bounce off of the $3.02 level today....July contract. Shorting can be dangerous at these low levels....that's obvious now.
July has moved up to 3.11 ? Incredible. See previous posts....no logic to this market. Now in "risk-off" mode.
July contract hit $3.16 today. Reason: low, low LME stocks....now at 159,425 tons. I need to post a chart to see recent price action.
looking at chart, one can see formidable defence at 3. spanning for 3 years. this may develop in large bull market based on "if it cant go down then has to go up". I would not be short here!! Has bull run started already ? Spec positions sure suggest that this is high probability scenario.