TMV Swing Trade Report – Short July Copper from 365.50 – Hit the Target! – Copper continued to trade lower overnight and reached the 346.50 target objective to close the short position with a hefty gain. (365.50 – 346.60 = 18.90 x $2.50 = $4,725.00) The target objective was reached before the May 18th projected reversal date, but it did touch the upward sloping reaction line.
The longer-term cycle suggests Copper has move downside potential, but a counter-trend correction could begin at this juncture. Therefore, I will wait for a new bearish reaction swing to form before taking a new position.
July Copper - click to enlarge
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