I have had a bullish bias on copper for some time, check the linked chart. After a false break below 3.0000, things looked good for copper, and a small uptrend emerged. Now, this uptrend is correcting, and it seems like the correction is ending, and bearish momentum fading. The problem is that around 3.000, there is a strong resistance area, and placing a stop is tricky, and I have no answer for that, I would just go with my gut. Another option would be to wait for a strong day, and place the stop below this swing low. If my account would allow me, I would buy a very small quantity of copper right now, and then add when there is a strong day.
The weekly chart is forming another bullish divergence, but for now there is no confirmation, so the weekly is in stand by https://mode.https://www.tradingview.com/x/xlSKEuSt
Comments
alexeyhoroshunvk
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O, ok. Thanks you!))
alexeyhoroshunvk
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I am sorry in long offcourse?
vlad.adrian
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Yes, my bias is still bullish. I can't actually trade copper because the contract is too big for my tiny account. I am long FCX, which is well correlated with copper tradingview.com/v/aET0otlc/