HGU11 – September Copper (Last:4.1600)

September Copper (HGU11) price chart with targetsFrom these levels it would take a 12-cent thrust to turn the daily chart bullish, since that would create the first bullish impulse leg in nearly three months.  Failing that, however, we should expect the weakness to continue down to 4.0255 over the near term (i.e., 3-5 days).  That’s a Hidden Pivot support, and it can be bottom-fished with a stop-loss as tight as four ticks. ______ UPDATE (June 23): Lest we become bored to death, let’s avert our eyes, since the futures have come down to 4.0240.  That’s 15 ticks below the midpoint support, indicating more weakness to come.