Analysis: Copper had a strong momentum to the upside since the beginning of the year of 2020. So far we had a strong rising market without any decent retracement. I expect a strong retracement from here, we should go back to the normal levels (around 3$) to continue the rise on a healthy way. The demand for copper is still huge from the automotive industry (copper is a necessary component of electric cars). Here you can see on the chart my expectations to the upcoming weeks. We had a strong trend to the upside which is broken, I also see a noisy downtrend forming, aiming the 3$ level. Please find below our community trade idea below:
Trade: SHORT
Entry: 4.29$
1st target: 3.5$
2nd target:3.17$ (+25%)
S/L: 4.530$ (-5.96%)
Trade: SHORT
Entry: 4.29$
1st target: 3.5$
2nd target:3.17$ (+25%)
S/L: 4.530$ (-5.96%)