HG - copper demand is higher this year as the economy expands globally. On the 60 minute chart
price hit a high pivot on May 15th and pulled back in a standard Fib 0.5 fhsion. Price
has touched the upper boundary of that support three times and has now printed a wide range
green HA candle. I believe that this is a reversal pattern and will take a long trade here
targeting the pivot high mentioned. This is a 5% expectant profit amplified by the leverage
of a futures trade.I see this as a safe trade of a commodity that has a bullish bias overall.
I am also looking for some increased volume at this juncture to assure that some buying
momentum is coming into the market.
price hit a high pivot on May 15th and pulled back in a standard Fib 0.5 fhsion. Price
has touched the upper boundary of that support three times and has now printed a wide range
green HA candle. I believe that this is a reversal pattern and will take a long trade here
targeting the pivot high mentioned. This is a 5% expectant profit amplified by the leverage
of a futures trade.I see this as a safe trade of a commodity that has a bullish bias overall.
I am also looking for some increased volume at this juncture to assure that some buying
momentum is coming into the market.
Trade active:
Copper Futures moved up well today. Stop loss moved to 52% above break-even thus assuring a profitable trade. Full position over the weekend. Expecting bullish momentum to persist.
Trade closed: target reached