RE:Shoutout to CogJoeStockIQ wrote: So, copper is currently up one US nickel overnight to just shy of $4.30 US. Some would say that is due to supply issues pertaining to Chile and Peru. However, we all know that TA cares not as to the reasons for the movement in prices. Therefore, our question to you is thus: Where the beJesus are copper prices heading now?
Copper has an easy sail to $4.35-4.40 range... If LME Warehouse levels continue to slide that will certainly help the copper price rise, but I don't think it will punch through resistence easily with the short term stupidity south of the border that I mentioned earlier.
FWIW, TA is absolutely linked to fundamentals of all sorts; in fact, TA is nothing less than the revelation of the total balance of optimism and pessimism represented within the entire market BASED ON THEIR INTERPRETATION OF THE FUNDAMENTALS.
As I have said before (Metalhead stop reading here if you haven't already) you as an individual investor can state that you are relying on the fundamentals.
And I would ask," which particular fundamentals are you relying on at any given point in time and which of those fundamentals carry more weight in your decision than the others?"
I'm relying on fundamentals myself, BUT I use TA to determine the balance of pessimism or optimism from EVERYONE in the market based on their interpretation of ALL OF THE FUNDAMENTALS together... that's what market price movement literally reveals.
When my interpretation is confirmed by TA patterns showing total market optimism, I am heavily invested and targeted. When it is against my interpretation I am increasingly light on related investment. When TA shows a struggle between optimism and pessimism ... well, that is a fantastic time to trade within the range.
There... that's all... time to watch the stars and eat a banana.
(Metalhead... if you read all of that, I would appreciate a lecture now on how my TA "obsession" is a religion not a science ... I really need the motivation to give it up because it is making me way too much money and I know my profits are fake because - as you say - TA doesn't work)