Francis Hunt from The Market Sniper, joined today’s Tip TV Finance Show to share the outlook for Copper prices, Glencore (L:GLEN) share price, and further his forecast for 2016.
Copper: Not far from the 200 target
Hunt highlights his trade recommendation for Copper, going short from 232, and expecting a move towards 200. He adds that there is no floor under this market at the moment.
On the China story, he says big cracks remain over the recovery outlook for the economy.
Glencore: Going lower
Looking at the technical charts for Glencore share price, Hunt says that after the terrible selloff the share price saw a continuation pattern only to break below.
On the trade setup, he maintains a target through 85p.
Forecast for 2016:
Hunt forecasts China to devalue again by more than once or by 5% or more in 2016.