1. Watch for any further decline to $307.00 in Dec. copper into late this week/early next week (week of Sept.15) followed by a daily close at or above that level ($307.00).
2. Should the above occur, new long entry may be messaged in a subsequent report for an advance to at/near $317.00 (or higher). Will update.
1. Today’s (Mon., Sept. 15) Dec. copper declined further and tested the forecast $307.00 downside target noted in our previous Thurs., Sept. 11 report (today’s session low, $306.50, so far).
2. As noted in the report, a daily close today above $307.00 is the stronger position and may prompt new long entry. Will update as the market confirms.
1. Our Thurs., Sept.11 Dec. copper report indicated a decline to $307 into Sept. 15, a daily close above $307 then a fast advance to $317/$18.
2. Subsequently, copper declined to $306.50 on Sept. 15 and closed the day at $308.60, above the $307.00 buying territory.
3. Today (Tues., Sept. 16) copper exploded on the upside and completed the $317/$18 upside target (and higher). Today’s session high was $321.20. Self-directed traders who took advantage of the above exited the majority of their position at/near $317/$18. Will message any new entry in Dec. copper as the market confirms.