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Time To Become Neutral Copper Prices

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Copper Futures---The Federal Reserve looks like they will come to the rescue as it looks like they will lower interest rates possibly tomorrow or at least come July as that is sending many commodity markets higher including copper which is currently trading at a 3 week high at 2.7030 as it is time to move on and become neutral.

I had been recommending a bearish trade from the 2.8240 level over last month or so as prices have stalled out bouncing off major support around the 2.61 level as the 10 year note has now hit a 22 month low as that is bullish copper and the precious metals as a whole.

Currently I am now recommending a bullish position in silver & palladium as the chart structure in copper is excellent as we could be involved in a bullish position possibly in next weeks trade as that's how quickly things can turn in the commodity markets.

Copper is now trading above its 20 day but still below their 100 day moving average as the trend is mixed, but now it looks to me that a bullish situation could be developing, however sit on the sidelines and wait for a better chart pattern to develop before entering.




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About the author

Michael is the sole owner of SEERYFUTURES.COM which is a commodity futures and options consulting, advisory, and educational firm.

Michael frequently appears on multiple business networks including Bloomberg News, Fox Business, CNBC Worldwide, CNN Business, and Bloomberg TV. He also writes market commentary for several commodity websites and is interviewed for commodity comments by the Wall Street Journal. He is also a guest on First Business, which is a national and internationally syndicated business show.
Michael started his career in 1990 at the Chicago Board of Trade as a runner. He soon worked his way up to becoming a Series 3 broker. He works with seasoned traders as well as novice beginners educating them on trading the futures markets as well as using simple and complex option strategies. Michael covers all markets including grains, metals, energies, and all other futures markets that are traded.
To Michael the biggest lesson any trader needs to learn is risk management. Michael believes this is the most important factor in trading. He also works with traders to help them determine the proper risk for their trading style. Michael has spent a lot of time educating his clients to help them understand trading strategies and trading techniques while enjoying spending quality time with customers going over the markets or just talking general trading philosophies.

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