Teach Talk Trade Day Trading & Technical Analysis

Futures 11-28-07 (Wednesday):  A Daily Technical Analytical View of Commodity Futures for online and day traders.

March Copper (HGH):  Copper continues its 90-point slide.

March Copper closed down -7.75 on Tuesday and allowed traders the ability to short this market at the T8.  Price smacked the T8 and moved down after the contact on both Monday and Tuesday.   We always see retracements to the T8 as opportunities to buy or sell.  Wednesday should offer an opportunity to sell against the T8.  The StoRSI, our momentum oscillator has come straight down over the last two sessions its approaching the oversold trigger area.

The direction of the T8, our exponential moving average and trend definer, continues to point down and continues to act as resistance to price (both Monday and Tuesday).  The trend has continued down for the past 35 trading days.   Rallies back to the T8, as we saw on Monday and Tuesday, are opportunities to sell the market once again.  The steeper the decline of the T8, the further this market can fall.  We continue to doubt if the market can rally for any length of time above the T8. 

Tuesday’s candle is not significant, but notice the wick above the T8.  Markets move in opposite directions of wicks.    
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