One of the best looking and yet under-rated commodities chart has to be of COPPER.
I know Gold and Silver bugs don't usually get strayed with non-precious metals but technicals are surely juicy if you are able to take a multi year position. My guess is it will be early 2023 when we break through the new ATH.
Notice the divergence of price and OBV + a...
Buy at 523.60 stop loss 522.50 Target 525.50 / 526.50
Sell at 527.80 Stop loss 529.30 Target 526.50 / 525.50
which ever entry triggers first then go that side and leave the other view
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Comparison of TOTAL2 and Copper
Similarities can be seen in the formation of a scallop
This may lead to a bullish C wave breakout on copper
I identify this structure as 'weak' due to its lacking of a strong double bottom and slight downward slope, however it is a good chart pattern for accumulation.
Copper Finally showing some good movement. I have re-opened my copper position and will also be looking to get into some BUY positions on the AUD side.
The reason I say it is confirmed now is that it broke back above the 50 day MA, it's above the 50 RSI and the MACD (looks like) it wants to start heading into positive territory.
The only thing to watch is the...
Finally gone long on copper - I still want to see the RSI get above 50 - BUT - It has maintained above the 9 day MA for the past 4 trading sessions, the stochastic has it moving up, and the MACD did make a positive cross over so I jumped in.
I think it's just about time to buy copper again, in fact I was flipped the buy signal back on April 24th. However, I am sitting on the sidelines, mainly because I want to see the RSI get back over 50 before jumping back in. Once the RSI can get back above 50 (if it does within the next few trading sessions) I'll be going long copper :)