Each candle on the chart below of Copper (HG) represents 3 days...the current candle began last Thursday and will complete on Monday. Overlayed on the chart are 2 regression channels...the longest begins at the lows of December 2008 and shortest begins at the June lows of 2010. Price is currently trading below the "mean" of both of these channels and is sitting on the -1 deviation of the shorter channel after breaking and holding below a H&S neckline (approximately 4.255) and the 50sma (red) at the beginning of May of this year.
The next level of support lies at approximately 3.666 which co-incides with the -1 deviation of the longer channel and the -2 deviation of the shorter channel. Conversely, should price break and hold above the neckline resistance, the next resistance level lies at the "mean" of both channels near the prior high of 4.6495. A move in either direction with conviction on this commodity may provide a clue to either continued weakness in the markets, or a resumption of buying.
Below is a 4-hour chartgrid of Gold, Silver, Copper and Oil with regression channel overlays. At the moment in after-hours trading, Gold, Silver and Copper are trading just below major support and Oil is hovering just above recent support.
This coming week should be interesting as we head towards the end of another month, quarter and 1/2 year. FYI, the pivot points in effect until June 30 for each of these 3 timeframes for the TF are as follows:
Month of May PP = 840.70
2nd Quarter PP = 817.50
1st 1/2 Year PP = 720.50
Year PP = 718.60 (for the entire year)
Welcome and thank you for visiting!
The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
* My posts are also re-published by several other websites and I have no control as to when their editors do so, or for the accuracy in their editing and reproduction of my content.
* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.
DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...
UPCOMING (MAJOR) U.S. ECONOMIC EVENTS...
* Wed. July 18 @ 2:00 pm ET ~ Beige Book Report
* Wed. Aug. 1 @ 2:00 pm ET ~ FOMC Announcement
* Fri. Aug. 3 @ 8:30 am ET ~ Employment Data
* Fri. Aug. 10 @ 8:30 am ET ~ MoM & YoY CPI & Core CPI Data
* Wed. Aug. 22 @ 2:00 pm ET ~ FOMC Meeting Minutes
* Mon. Sept. 3 ~ U.S. markets closed for Labour Day Holiday
* Wed. Sept. 26 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts + @ 2:30 pm ET ~ Fed Chair Press Conference
*** Click here for link to Economic Calendars for all upcoming events
IMPORTANT BLOG POST UPDATES...
* Trade Wars have escalated and now include diplomatic wars PLUS President Trump is cannibalizing prior U.S. market gains with his tariff tantrums against its world trading partners, while destabilizing a delicate world market balance