Let me start with a quote from my last post on copper where I wrote the following: “……and for any recovery longer term, we will need to see a dramatic buying climax, and given the extent of the current selling, an extended phase of congestion prior to any bullish momentum returning for copper.“
In considering the daily chart for copper, there are several questions that instantly come to mind.
Doctor copper is anything but on the daily chart, as the May futures contract traded lower once again today, following yesterday’s sharp sell off, which saw the metal end the commodities trading session with a wide-spread down candle, finally propelling copper below the recent sideways price congestion which has been in place since early March.
Asian markets begin the week off with a big bang Monday morning – Sunday evening in the U.S after the European Finance Ministers approved to provide Spain euros for a banking bailout.
Wednesday April 25 Commodities Review
Tuesday April 24 Commodities Review
Monday April 22 Commodities Review
Friday April 20 Review
