Time To Become Neutral Copper Prices

Copper Futures---The Federal Reserve looks like they will come to the rescue as it looks like they will lower interest rates possibly tomorrow or at least come July as that is sending many commodity markets higher including copper which is currently trading at a 3 week high at 2.7030 as it is time to move on and become neutral.

I had been recommending a bearish trade from the 2.8240 level over last month or so as prices have stalled out bouncing off major support around the 2.61 level as the 10 year note has now hit a 22 month low as that is bullish copper and the precious metals as a whole.

Currently I am now recommending a bullish position in silver & palladium as the chart structure in copper is excellent as we could be involved in a bullish position possibly in next weeks trade as that's how quickly things can turn in the commodity markets.

Copper is now trading above its 20 day but still below their 100 day moving average as the trend is mixed, but now it looks to me that a bullish situation could be developing, however sit on the sidelines and wait for a better chart pattern to develop before entering.




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