Yesterday was a lousy day trading Copper futures. After a big move the day before, copper restricted itself to a narrow range.
On Profile charts we saw copper forming a balance profile, which was telling us that it wants to move again in a session or two and we were waiting..
Here is the profile chart :
Copper Aug Futures :
We see Copper trying to move out of balance to the upside, a move which failed and it went through the balance area and caught out some stops of longs who were betting on the oversold run.It now seems to be forming a double distribution and at current prices is near a previous high volume node.
Let’s look at the OrderFlow as well
The sell signal was timely.
425.2 is ps3 for the day and support.
