 Welcome to this week's CMC Markets Commodity Snapshot. We're looking at copper. Now as you may remember, we looked at copper at the third of March. So this is going to be a little review as to what's happened since then and what we can take from what's currently happening in the news flow and what's happening in this chart. So at the time of the last video on March 3rd, the price of copper was about 218 on our chart, so $2.18 per pound. And what we were saying is that there has been a inverse head and shoulders pattern and the potential target from that pattern was $2.35 or $2.35 as we have it on our charts. What's happened since then is the price went all the way up to $231 topped out around there and now in the last few days we've seen the price tanking. Now there's a few things happening here. One is that oil prices have struggled to push through $40 per barrel. Now the US dollar has been dropping, so that's been supportive of commodities, but copper has not really been able to make much hayway. And I think part of it comes down to the fact that a lot of our lead comes from China. China's economy is still looking weak and they don't appear to me making any specific progress towards reducing their domestic supply, something that had been hinted at through the reduction of jobs in state backed enterprises. So still a lot of supply of copper in the market and we're seeing the price develop rather difficult, there's been a difficult development in the price on the chart. Now I'm going to zoom in on this daily price chart and kind of track what's happened and review what we could have done had we been in this trade. So the neckline of this head and shoulders pattern on this daily price chart that we're now looking at is around $214. We were talking about it post break at about $218. Now you can see the price went pretty vertically higher and got up to around $230. We had a pullback. Now we pushed higher again, but one of the first danger signs that we had here was that we pushed through $230 up to $231, but reversed on that day. We basically put in a shooting star pattern. It later became an evening star candle pattern and we saw the price pull back again back below this 200 day moving average, which has been a bit of a problem point. You can see that the first peak ended at the 200 day. The second peak was a failed break beyond both the 200 day and the first peak. And so we've seen the price pullback. Now you can see that there was a nice little candle bounce off the 219 mark. That was the end of the first pullback. And so there was still hope at that point for this trade to push through to $235, but what we've subsequently seen is a close below $219. And so we've actually got something along the lines of a double top pattern now. So actually we've got a projection to the downside, which is below the neckline of the head and shoulders. And so this pattern reaching its full objective at $235 is looking less and less likely at this point. You can also see at the bottom of the chart there's been an RSI trendline break. And this is fairly well defined up trendline that's broken to the downside. We're now below the 50 mark in RSI. So a few warning signs here in copper that the trend has changed. And so we can't get stubborn about wanting to be long this market. There are various points of which we could have got out of this trade had we been long. One would have been on that first shooting stock handle pattern. One would have been after that big drop down. And the final one perhaps would have been as we closed below this 219 mark. And maybe if you're really pushing it, you could hold on down to the neckline of the inverse head and shoulders pattern. But really below there the pattern's given up. So it's one of those situations where it was very close to hitting the objective. And depending on how you manage the trade, you still came away with a small profit or possibly a break even. OK, that's it for this week's CM2Markets Commodity snapshot. We're looking at copper. Just looking back at the inverse head and shoulders pattern that we'd previously been looking at. The original objective of $2.35 per pound looking less likely at this point. And it was just interesting to look back and see at what points in this pullback and the subsequent break below a potential double top pattern. At which point in that subsequent set of candles could we have exited any potential long trade. And so it's really a lesson in money management and not being too stuck to your beliefs on a trade.