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Linda Raschke, founder at LBR Asset Management, highlights a downside breakout in copper from a three bar triangle formation. Raschke suggests that if copper closes below the 5 simple moving average on tomorrow's close, it could set up a buy opportunity.
Raschke has recently highlighted other technical setups in global markets. Earlier this week, she noted a sharp move in Bunds after the rate of change flipped up in a trading range in Bunds rally after ROC flips up in trading range. She has also identified cocoa as a relative strength leader, emphasizing its recent two-month base pattern in Cocoa shows top relative strength in today trading.