Copper and tin resume their downward cycles as others consolidate for the time being.
Intermediate trends are down with technical measurements suggesting moves closer to the 5000 region to be likely in the days and weeks ahead. Interim support should be anticipated in and around the 5120/40 zone although immediate recovery attempts are expected to be restricted to potentially sharp but probably unsustainable and short lived corrective bounces only for the time being. Strong overhead resistance waits now at initially 5460/80 then again towards the 5600/20 zone with a period of rebuilding/basing at lower levels now required ahead of sustainable recoveries being achieved.
TRADING STRATEGY: Still preferring the short side on corrective bounces looking for the 5000 region.
Medium to longer term downtrends remain firmly in force and while technical evidence suggests we have certainly entered the latter stages of this major downward cycle there is little evidence of a bottom as yet. Expect immediate recovery attempts to be restricted to unsustainable corrective bounces only for the time being with prices vulnerable to further dips with a test of initially 1640/50 then 1600/10 where fresh demand should then be stimulated. Overhead resistance is waiting on approach to the 1745/55 region with a clear and sustained break above here needed to improve the shorter term technical outlook.
TRADING STRATEGY: Continuing to utilise corrective bounces to establish fresh shorts looking to 1600 region.
Intermediate trends look to have been tipped to the downside with the break of historically important supports suggesting a further distribution pattern to now be complete. Believe prices could head towards the 1540/50 area and while interim demand should be uncovered in and around the 1670/80 zone any fresh recovery attempts are likely to now be restricted to potentially sharp but probably short-lived corrective bounces only for the time being. Strong overhead resistances should now be anticipated starting at 1810/20 then again in the more important 1890/1900 region.
TRADING STRATEGY: Awaiting response to current test of critical support area prior to re-entering this market.
While the medium to longer term technical outlook remains decisively bearish with lower targets readable, interim objectives in the 11500/11600 area have almost been achieved with yet further corrective action currently being experienced. However, expect recovery attempts to be restricted by strong overhead resistances waiting at initially 12800/12900 then again towards the more important 13300/13400 zone with only a clear and sustained break above here capable of improving the underlying technical tone. Unless achieved further bouts of weakness are anticipated in the weeks ahead.
TRADING STRATEGY: Continuing to utilise corrective bounces to sell/holding shorts looking for targets of 11500 and even 10900.
While medium to longer term technical studies remain decisively bearish with little evidence of a bottom to this major bear cycle as yet, interim objectives in and around the 1900 region have now been fulfilled with prices currently digesting these falls through a fresh period of correction and reconsolidation. Expect immediate weakness to again uncover good support on approach to the 1890/1900 area with a clear and sustained break beneath here required to regenerate downward momentum and confirm next targets of 1800/10 where better demand should then be stimulated. Resistance remains in place at 2050/70.
TRADING STRATEGY: Looking to re-establish shorts on corrective bounces looking for the 1800 region.
Medium to longer term technical studies remain decisively bearish and with the past 7 months corrective and reconsolidative phase now looking to have run its course the main downward cycle looks to be resuming. Believe prices could head towards a retest of the historically important 13300 region in the weeks ahead and while interim supports should be anticipated at initially 15000/15100 then 14200/14300 any fresh recovery attempts are likely to again be restricted to short lived reactions only for the time being. Strong overhead resistances wait at initially 17000/17100 then 17800/17900.
TRADING STRATEGY: Continuing to utilise corrective bounces to re-establish short positions/holding shorts. Targets 13300.
While short to medium term trends have turned down with an important top confirmed to be in place, initial downside objectives in and around the 1445.0/50.0 area have been fulfilled with the market vulnerable to corrective bounces in the coming sessions. However, strong overhead resistances waiting at initially 1565.0/70.0 then 1600.0/05.0 should restrict immediate upside potential with a period of rebuilding/basing now clearly required prior to sustainable rallies being achieved. Note: a clear and sustained break beneath the 1445.0/50.0 zone could extend losses closer to the 1400.0/05.0 region.
TRADING STRATEGY: Remaining on sidelines for now awaiting corrective bounce to consider probing short side
Intermediate to longer term trends are down and with further layers of historically important supports having now been decisively broken falls closer to the 10.00/20 region are now likely. Interim demand should be uncovered in and around the 11.20/40 area although immediate recovery attempts should now be restricted to potentially sharp but probably short lived corrective rebounds only for the time being. Strong overhead resistances should now be encountered starting in the 15.00/20 then 1600/20 zones with only a period of re accumulation capable of improving the underlying tone.
TRADING STRATEGY: Utilising potentially sharp corrective bounces to probe the short side looking for 10.00 region.
The data shown and the views expressed on this sheet are for information purposes only and do not constitute recommendations to trade. Cliff Green Consultancy does not accept any liability for loss or damage suffered through any actions taken or not taken as a result of reading any infor-mation provided herein.
Tuesday 17th March. 2020 Tel: + 44 (0)7710369208 | Web: www.cliffgreenconsultancy.com | Email: firstname.lastname@example.org