1. Our previous (Thursday, February 25) report indicated that March copper was likely to extend it’s decline into Friday, February 26/ Monday, February 29 and test/attempt $205 (or lower). March copper was then trading at $207.75.
2. March copper declined to $206.05 before reversing substantially and advancing to $215.65. Given the conditions surrounding March copper this was an unusual move which produced an approximate 4 point loss on the entire position. Will message any further entry or indication in the March copper.
1. Today’s sharp decline in March copper is likely to extend into Friday, February 26/ Monday, February 29 and test/attempt $205 (or lower). March copper is currently trading at $207.75.
2. Further confirmation for short entry will occur upon hourly closes below $207.00.
3. Once short, a protective stop should be placed above $210. This stop will be moved lower as the market further confirms below $207. Will update.