Global commodities are taking the blood bath as Bloomberg #Commodity Index is down 8%(approx) since the mid of February 2017. So Metals and metals related stocks are taking a hit in the past few trading weeks. Copper Price often signals the strength of the global economy. Copper prices are currently trading around the pschological reference level 2.5$ and all momentum indicators are currently in a negative mode across daily, weekly and monthly timeframe.
Going forward choppiness is expected around the psychological reference as copper staggers around the psychological reference. Copper futures on the monthly charts are consecutively making lower lows and tested previous month low and got back into the range. It is expected that more choppiness can be played in this zone followed by a short term pullback.
Weekly Charts are showing a outsidebar and trading around 17 week low the overall trend remains sideways as the copper price is balancing for the last 4 trading weeks.
On the daily charts copper sentiment still holds negative and in the process of finding the support it is expect that copper could take 3-4 trading sessions to find solid support around 2.50$ and moreover copper is consecutively sliding for past 5 trading sessions. Shorter term pullback is expected towards 2.56$ and it could take anywhere around 10-15 trading sessions to arrive at that zone. Holding 2.50 pschological level remains the key for the pullback to happen.