The Euro trade was stopped out above the 50 day MA. That said, it appears that volatility is closing in on current pricing. There is a confluence of moving averages and a tightening of Bands that are coinciding with fundamental mayhem as of recent times. Let’s take our losses and move on to the next trade. This brings me to a July Copper chart. I notice that the 21 DMA is crossing through the 50 DMA to the upside. In addition to that the MACD’s are flattening and the Bollingers are tightening. Ok, so that tells me a couple of things. First, volatility is coming in. Second we are looking for a safe bit of news or catalyst to tip the hat in a more decisive direction. Allow me this bit of news: http://www.bloomberg.com/news/2013-05-31/copper-set-for-first-monthly-gain-in-four-on-mine-supply-concern.html and http://www.bloomberg.com/news/2013-05-29/copper-users-squeezed-as-glut-clogs-warehouse-lines-commodities.html. I’m looking for an upside move through previous days highs of 3.3285 to a target price of the overbought Band area of 3.3820 with a stop at the current lower band of 3.2625.
This is just a follow up article pertaining to the copper trade…http://www.bloomberg.com/news/2013-05-31/copper-set-for-first-monthly-gain-in-four-on-mine-supply-concern.html