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FxWirePro Call Review: Maintain bearish outlook in Copper heading to 2020

We have been a Copper bear for quite some time now.

In February 2018, we called on our readers to go short on Copper at the then current rate of $3.177 per pound with a stop loss around $3.32 per pound and target of $2.78 per pound and advised to book 50 percent profit at the interim target around $2.88 per pound, https://www.econotimes.com/FxWirePro-Call-Review-Sell-Copper-targeting-278-per-pound-1160929

We later extended our bearish target for the copper to $2.55 per pound, https://www.econotimes.com/FxWirePro-Call-Review-Copper-might-decline-to-as-low-as-255-per-pound-1225885

And, later, in a follow-up review, we have gone further bearish and extended our bearish target to as low as $1.75 per pound, https://www.econotimes.com/FxWirePro-Call-Review-Copper-to-remain-bearish-over-longer-horizon-targeting-17-per-pound-1401530

However, after reaching our anticipated target around $2.5 area, the price of copper jumped sharply and we warned readers that “copper is trapped in bull/bear fight. The bulls are trying to push the price to as high as $2.92 per pound, whereas bears are aiming for a retest of $2.5 per pound area”, https://www.econotimes.com/FxWirePro-Copper-trapped-in-Bull-Bear-fight-in-short-term-1441289

Since that review, the Bear has won the fight, and as anticipated, the price dropped to $2.54 per pound area, earlier this month.

Outlook:

The outlook remains bearish as we have forecasted a price of $1.75 per pound, and since our last review, in October, we have become further bearish and now, expect the price to breach that level too, though, we do not have any specific target at the moment.

Even in the short-term, bears remain at large and looking to breach the crucial $2.5 psychological support area.

Kindly note, this is a long-term price outlook based on calculation models, the price can reverse both in short and medium term. However, at this point, we do not expect the price to breach $3 psychological resistance area.

 

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