07 March 2014

May Copper : Weekly Close Today Important

  • Double top on weekly chart looks like it will break down today. HGK4 now trading at 317.20, below the 318.80 neckline. Already have a large short so unwilling to increase ahead of NFP later. But seems like a weak number anticipated by markets so carrying a big short Copper trade into the event is not so risky [strong NFP = tighter Fed = lower copper].
  • Better still if we get a close below 315 tonight/this week.
  • DT objective around 298.
  • Will decide whether to add on after the numbers.


Taichiseal said...

Took profit at +309.5. Downmove too fierce. Take the money and run first.

Tradedemon said...

nice move on copper - well executed