Copper & KAZ7 Mar 2020 12:24
Morning All:
I didn't look much at my computer yesterday, it wasn't a good day !
However, I wanted to have a look at the Copper and KAZ from purely point of charts, and give my opinion:
I will start with Copper :
Looking at the daily Chart, Copper hit a low of 2.48 on 3/2 then bounced up to 2.63 0n 17/2, which is a good sign of short term recovery.
The interesting thing now is that it fell down after that but only to 2.51 on 2/3 , which can be the basis of a double bottom, because you are having a higher low.
After that, copper rallied again till it hit a resistance at exactly 2.63 on 3/3 before it bounced back lower again to end up at 2.55 on 6/3 (yesterday)
Again, it is very interesting that it ended at still higher low , also looking at the Candle shape yesterday, it was a Hammer.
Also note, that if you display the Bollinger Bands on the daily chart, it shows a very narrowing band in the last few days, which means that there will be a break into a wider band (up or down)
Putting all the above together, I would reckon (IMHO) that the break will be upward.
I copper rise again next week, then break above 2.62, then this will be a confirmation of the breakout upward, and it will then rise more. (don't know up to what value), but it is a rise never the less, and it would be good news.
Now KAZ :
Again on the Daily Chart, Kaz hit a low of 375 on 3/9/19 , and we haven't crossed that low yet (Friday close 383)
If copper bounce up next week, and KAZ follows, then we will in effect be forming a double bottom, and start to rise
There is a trend line comes down from 3/6/18 , passing 12/1/20 , and if KAZ break this trend line ( rise above 500), then I reckon that KAZ might hit 700 or more.
All the above is just my opinion from purely Charting point, and other events may alter it !
GLA
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