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See a Penny Pick It Up: March Copper Futures

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March Copper

The copper market has given up a bit of its gains over the last month and a half. The advance commencing from early 2016 appears to be rising in an a-b-c pattern. The highs before Halloween peaked out at the 50% retracement level from the extremes of early 2011. I believe that currently we are just above a major confluence support zone. Currently trading at 2.9635 puts the market roughly 5.5 to 6.5 point above the targeted level. The intersection I have isolated is a convergence of channel lines, speed lines and Andrews pitchfork projections. This location is confirmed by similar geometric in studies across multiple time frames. Further more the pullback from the October highs appears to me non-impulsive in nature. The W-X-Y pattern seems close to running its course. Should we witness a dip to 2.91-2.90 against a backdrop of diverging momentum indicators I be favoring an establishment of a long position. This move could extend as far as the low 2.80 that is why it is wise to wait for a divergence signal. A violation of 2.8280 negates this setup. Overhead projection comes in at +/- 3.4150. The risk/reward calculation reads a favorable 7 to 1. Please feel free to contact me at Walsh Trading to discuss suggested strategies to take advantage of this and other market opportunities.

My analytical breakdown focuses on a blend of wave pattern recognition, long and short term geometrical extensions and momentum signal interpretation.
Please join me next Tuesday as I apply Wave Theory and Geometric targets levels to this and other commodity markets.

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John Lunney

Senior Technical Analyst

Walsh Trading

312 878 2391

888 391 7894 toll free

312 256 0109 fax

Walsh Trading

53 W Jackson Suite 750

Chicago, Il 60604

Walsh Trading, Inc. is registered as an Independent Introducing Broker with the Commodity Futures Trading Commission and an NFA Member.
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About the author

John Lunney began his trading career in 1989 as a clerk for IFO, the largest futures and futures options brokerage on the CME floor. Within one year, John was promoted to an executing floor broker responsible for handling large individual and institutional accounts. John’s knowledge of option theory and tactics quickly attracted a growing customer base. In 2000, John began exclusively trading futures and futures options for his own account. John later became a founding member of VI Capital, a proprietary trading company funded with personal and investor funds. At VI Capital, John was the director of risk management, technical analysis and strategy development. VI Capital realized multi digit returns over the course of 8 years of trading.

John has extensive trading experience in stock indexes, metals, commodities, energy and agriculture products. He believes that hard work reveals the best trading opportunities, and strong discipline creates consistent results. John possesses a unique ability to connect with customers, understand their goals, and work with them to create long and profitable relationships.

Contact John
Phone: 312-957-8108 or 888-391-7894

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