1. A daily close below $259.00 in May copper today (Wed., Mar. 18) places the market into a ‘Sell’ position for further decline and test/attempt at $254.50/$53.50 (or lower) into Friday, Mar. 20/Mon., Mar. 23.
2. Aggressive could short May copper at current prices (current price, $257.50) with the understanding that any daily close above $259.25 will prompt protective exit.
3. Partial short position exit should be taken at/near $255.00, the remainder held for the $254.50/$3.50 downside target.
4. Once short, a protective buy stop should be placed at $261.50. This stop will be moved lower as the market continues to confirm. Will update.
1. Our previous May copper report indicated that a daily close below $259.00 today (Wed., Mar. 18) would indicate a test/attempt at $254.50/$53.50 (or lower) into Friday, Mar. 20/Mon., Mar. 23.
2. Although May copper nearly completed the $254.50 downside target (today’s session low, $255.25) the market reversed powerfully and closed the day above $259.00, negating ordinary new short entry (today’s session closed at $261.35). Will message any further entry or indication in May copper.