Copper, HSI update

Following up on my previous posts of Copper & HSI, both charts’ long term falling resistances have shown remarkable guidance. Copper today got rejected right at the moment it hit its falling trendline, thus continuing to form its right shoulder. It already had warning signs earlier in the day via an hourly rising wedge. HSI as well went above its resistance intraday & reversed strongly back into the triangle.

As long as these 2 key assets remain within their big triangles, the markets don’t have any proper long term direction. I believe they’re both waiting for the SNP500 to break down from its rising wedge, or scale new multi decade highs and break its long term triple top resistance, and my view is the former.

Copper:

Copper031212

HSI:

HSI031212

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s