Yesterday, we shared our bullish stance on Freeport-McMoran stock. But of course, Freeport-McMoran is pretty much a pure copper play. Therefore, in order for the stock to climb, the price of copper must climb, as well. Similarly to Freeport stock, the price of copper rose between 2016 and 2018 and has been declining for the…
Palladium Gets Interesting as it Approaches New High
Two months ago, the price of palladium was hovering around $1425 following a recovery from as low as $1325. Unfortunately for the bulls, the structure of the decline from $1615 to $1325 suggested still lower targets were plausible. The chart below, published on April 21st, visualizes the reason for our pessimism. The hourly chart of…
Copper Bulls Ready to Attack the $3 Mark?
A little over a months ago the price of copper was hovering above $2.92/lb., following a recovery from under $2.53/lb. For better or worse, trend-following has never been our favorite strategy. So instead of joining the bulls in anticipation of more strength ahead, we examined copper’s 2-hour price chart through the prism of the Elliott…
Palladium Draws a Pattern that Should Scare the Bulls
The price of palladium rose significantly during the months between August 2018 to February 2019. By mid-March 2019, it was up nearly 52% from the August 2018 lows, climbing to an all-time high of $1615.30. The industrial metal’s wide use in the auto industry as well as its growing popularity in the jewelry business are…
Copper Bulls Still in Charge but Need to Regroup
Similarly to the general commodity market, copper has been steadily climbing during the first quarter of 2019. Three months ago, the price of the industrial metal fell to $2.5281/lb. As of this writing, it is hovering around $2.9266 after reaching $2.9808 on the last day of March. According to the media, copper’s rally can be…
Natural Gas: The Rally Continues… For Now
It has been only a week since our last update on natural gas, but what an eventful week it was. On September 27th, the price was hovering around $2.99, following a recovery from $2.759 to as high as $3.088. The Elliott Wave Principle, which had previously put us ahead of that rally, this time suggested…
Natural Gas Price: Is the Rally Over?
Two weeks ago, on September 13th, the price of natural gas was hovering around $2.83, following a decline from as high as $2.996. Fortunately, the Elliott Wave Principle helped us recognize the fact that the recent weakness was nothing more than a temporary pullback within a larger bullish setup. So instead of joining the bears…
Natural Gas Price Headed for the $3 Mark Again?
The price of natural gas fell to as low as $2.704 on July 19th, before recovering to $2.996 on August 21st, only to decline again to $2.759 on September 10th. As of this writing, natural gas trades at $2.850, but in order to find out what to expect from now on, we have to take…
Copper’s Selloff Not a New Bear Market
Copper fell by over 58% between February 2011 and January 2016. By late-2017 it looked like the commodity was finally out of the woods as the price rose to almost $3.30. Analyst were already anticipating even higher prices driven by an increased demand by the electric vehicle manufacturers and China’s economic growth. Alas, the market…
Copper Facing a Correction Within Uptrend
The price of copper climbed to 2.9154 yesterday as it continues the impressive recovery from the low at 1.9322 in January, 2016. Copper prices are vitally important not only to mining companies like Freeport-McMoran, but to the world economy, as well. It is true the metal has gained over 50% in value in just a…
Price of Palladium at a Critical Juncture
It has been a slow and choppy advance, but the price of palladium somehow managed to climb from as low as $450 in January, 2016, to $818 as of this writing. This means that an investment in palladium would have returned nearly 82% since the start of last year. However, the past is not always a…
Ethereum Ready for a Pullback?
Less than two years since its launch on July 30, 2015, ethereum has already become the second largest cryptocurrency in the world, with a market capitalization of roughly $4.5 billion, trailing only to bitcoin’s $20 billion. We are definitely not the people to ask how exactly the blockchain technology works, but ethereum’s decentralized nature means its price…
NZDUSD: Interpreting the Recent Shine Loss
NZDUSD has been rising during the last month and a half, but lost its shine recently by dropping from 0.7374 to as low as 0.7155 in just five trading days. As always, the main question is where is the pair going to from now on? If you do not want to blindly follow the herd,…
NZDUSD Poised for a Corrective Recovery
NZDUSD has been steadily declining since November 8th, when it reached 0.7402. Currently trading near 0.7020, the bears seem unstoppable and after a selloff of over 400 pips, it looks like the pair is headed much lower. However, even the strongest trends are interrupted by moves in the opposite direction, which might cause a lot…
EURAUD Could be Aiming at 1.51
The EURAUD pair has been in a downtrend for a month since February 11th. Then, on March 10th, the bulls woke up with a bang and lifted the exchange rate from 1.4465 to 1.5085 in just five hours. Today, EURAUD fell to as low as 1.4662, before climbing above 1.4850 so far. Which of the two…
