Dr Copper Suggests, Its The Longs That Are The Gamblers
Copper is known as a base material for construction and manufacturing, it is also known that China imports 35% of all its copper. If true risk on was built on solid foundations copper prices would reflect this, lets see what you think.
Copper is sensitive to PMI (Purchasing Manufacturing Index) data, the HSBC China PMI has post 5 consecutive drops. Makes you wonder who is doing all the buying.
Copper Cycles: Approaching a peak
And we see a rising wedge in early formation..this is bearish, a break of the blue 1x1 Gann Angle will very bearish.
Letting the bullishness work it self out, may see prices pop to $52 on the Copper ETF (JJC), and thats were bears should look for a short entry.