Copper is showing weakness

28 באפר׳ 2020

Hello, from what I’m seeing it’s showing head and shoulders in the 1 hour chart indicating further drops to copper by EOW and big boy companies like FCX should feel the burn real soon. We see the right shoulder bigger than in the RSI and the left shoulder smaller than the one in the rsi showing us kind of a hidden divergence of a future downtrend that’s about to take place within the next two days. I’ll watching some puts with deltas over -0.50 that can make me a quick buck. We saw today an example of a dip today from 9:30 till 10:55. Made a nice put in the morning on FCX and you can tell I’ll be watching it side by side with copper to decide further trades. Also, we need to see what China is doing with there copper as well as there is bad news for this mineral even though we are experiencing an influx of copper like oil but is being treated like oil over there for someone reason. We should see confirmation of a downtrend tomorrow touching 2.330 even 2.326 if it’s a big sell off.