I would short this right away. With a tight stoploss.
I am watching Copper to consolidate and move up trend as the Soft Monetary Policy all over the world. But we have to note it would take some time also
The low of 1936 is well supported and the volume comes higher than previously traded. In medium term, the this level will be best buy level. But soft monetary policy and low rates are pushed a lot of money to the market and the demand will be higher. So 2200 level is nearest support level now.
if the price falls below 2.22 then you have to look for an opportunity to open a short position on a pullback the expected stop-loss 2.293
USOIL, COPPER, and the CAD are all at a major resistance right now and selling off. I'm expecting a small bounce in GBPCAD into 1.95, which is a big resistance area, retest of the trendline and the .382 fib area. Also, the MACD has just crossed over and flipped showing bullish momentum. Now that we've also broke the counter trendline I'm looking to buy at 1.90...
FX:COPPER in the daily time frame, is developing a possible inverted head and shoulders pattern. To validate this formation, we need to see a break and close above the neck of the H&S´s. The trading plan, after the validation of the pattern, will be to wait a pullback to the neck and then see a reversal A+ sign to buy with first target at 2,25. Twitter: @RatioFx...
Pending bearish gartley and bearish deep crab patterns with D points at same level gives us a high probability sell setup. MACD will most likely gives us a bearish divergence which support our sell setup. Happy trading..!
Trend lows for copper were made back in mid-January at a long term trendline (line that extends off of the October 2002 and 2008 lows). A view of the daily reveals a possible inverse head and shoulders pattern as well. There remains work to do but the pattern would complete on a rally above 2.14 and yield a target of 2.3435. Incidentally, this level is near a...
Copper is in a very obvious wedge and a break would indicate a significant move into the 2.90 area. Copper has a strong correlation with $cad and $usoil as well so if we break the wedge we will be able to find long and medium term opportunities. I used the ghost bars just for fun and to possible show the projectory of copper.
We have seen copper going up pretty fast looking as a reversal. It could be a fake reversal due to the potential pullback to the last support and the OrderBlock zone that tried to raid. We also have a trendline that if it's broken we could see a new low. Regards
I've been waiting for a more definitive entry point to short copper. We are at that point it seems.