I do enjoy trading metals, This red metal doesn't get the respect it deserves. It's a glorious utility metal, I'm reading; it takes about 25 pounds of copper to make a traditional vehicle and full electric cars require 185 pounds of the highly conductive stuff. It's called Dr. Copper cause it has a PhD in economics (not my term). A very good indicator of supply and demand. Saying that, if this recent S&P500 rally is a Bull-Trap, has yet to be seen.
I'm trading charts; I see price has dropped to a previous resistance area, now support. I see MACD starting to assist us in our view and the RSI is well, not doing much other than heading in our direction of oversold. Price has slammed into the daily 200EMA, after the "golden cross" - 50 EMA above the 300EMA on the daily. Price has hit a monthly support pivot, lets see if price slows down and starts showing reversal on lower time-frames. I'm ONLY trading with strong confirmation here. 1% Risk 2:1RR - Happy Trading!
I'm trading charts; I see price has dropped to a previous resistance area, now support. I see MACD starting to assist us in our view and the RSI is well, not doing much other than heading in our direction of oversold. Price has slammed into the daily 200EMA, after the "golden cross" - 50 EMA above the 300EMA on the daily. Price has hit a monthly support pivot, lets see if price slows down and starts showing reversal on lower time-frames. I'm ONLY trading with strong confirmation here. 1% Risk 2:1RR - Happy Trading!
Comment:
Correction: I mean 200EMA not 300EMA, also the drop Copper is seeing, pretty amazing! I'll keep my eye out for a correction.
Comment:
Looks like Copper is finding some support, and now a clean "hammer" is showing on the daily. Might look at this long next week.
I moderate a small community 4 traders, analyzing weekly charts, and discussing trade setups. Focusing on psychology.