Copper & The Metals Look Weak

Copper Futures---Copper futures in the July contract are currently trading at 2.7715 after settling last Friday in New York at 2.7375 a pound continuing its bearish momentum as the whole precious metal sector looks weak in my opinion.

I have been recommending a bearish position from around the 2.8240 level and if you took that trade the stop loss has now been lowered to 2.8410 and then in Tuesday's trade will drop all the way down to 2.8100 as the chart structure will improve on a daily basis.

Copper prices are trading far below their 20 & 100 day moving average as the trend is lower, however for the bearish momentum to continue we have to break the May 13th low of 2.7090 in my opinion as I will possibly be looking at adding more contracts to the downside.

The U.S dollar is right near a 2 year high as I also have a bullish recommendation in that currency as that is also putting pressure on copper and most of the commodity sectors.

The volatility is high as that should remain that way throughout the summer months as historically speaking copper can have crazy daily price swings with high risk so stay short.

TREND: ---LOWER

CHART STRUCTURE: EXCELLENT

VOLATILITY: HIGH

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