mantracommodity

Copper at multiple support

Long
FX:COPPER   CFDs on Copper
Copper (11.9.2014) traded as per our last report & after finishing the levels , fall back very quickly.

Now copper is trading around $3.0693 & as we can see on charts, its reaching to the lower tradeline current descending channel . However the momentum is very strong & it may break the channel , still few more indicators providing best opportunity for a shot covering at these levels. Current level represent 78.6% feb ret level while a most possible ABCD pattern is available at this point.

On fundamental side, improving US economic data may support copper for a while.

Based on above studies, it is possible for copper to move upside for possible level $3.13 & then $3.17. However a day close below $3.04 will reject the forecast.

Note - above view is based on technical studies & do not represent our buy-sell recommendation.

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Comments

copper on possible bounce.
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