Fundamentals are influencing my technical judgement on this one.
If the current support at 95 holds then we will see it retrace to 123 by late 2017 to beginning of 2018.
The lowest I see it going is down to 80, there is some support at 87. I think it will touch 87 at this rate if it decides not to break out of this falling wedge.
China may start buying up domestic supply which could potentially bring this retrace all the way up to 141.70, but a 0.318 retrace is in order, wait to see which direction it decides to go then long it.
If the current support at 95 holds then we will see it retrace to 123 by late 2017 to beginning of 2018.
The lowest I see it going is down to 80, there is some support at 87. I think it will touch 87 at this rate if it decides not to break out of this falling wedge.
China may start buying up domestic supply which could potentially bring this retrace all the way up to 141.70, but a 0.318 retrace is in order, wait to see which direction it decides to go then long it.