FTSE 100 today: Stocks touch fresh record as oil and earnings boost gains
Copper
Last month I looked at the action till then as a '...massive curving Topping band.'. To some degree this still applies though I have more interest at looking at this whole action as going the Third Way...sideways! With the exception of a few days sharp movement in either direction we seem to closing around about where we opened each day...and that's not all. The gap between the Medium MA (currently 6969) and the Long MA (currently 6828) is narrowing and both other MAs PLUS the market itself is mainly between these two.
I have Bearish Andrews and Schiff Pitchforks from the Feb - Mar action on the Daily Chart above but they have hardly been validated. Additionally, we've Long Term Bearish Andrews and Schiff Pitchfork Upper Tines from the 2011 - 2017 action above the market (currnetly 7047 and 7164 respectively) though I'm not sure if they'll be useful. It may be after all that we do have declining prices but it's not going to be an easy move. Given all this, I've decided to move the bullet point over from mildly Bearish to Neutral but with a weather eye on further attempts lower.
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