Copper prices snapped a five-session winning streak on Tuesday as investors held off on making large bets ahead of a U.S. Federal Reserve meeting expected to give more direction on monetary policy.
Benchmark copper on the London Metal Exchange was down 0.8% at $9,735 per tonne at 1635 GMT, after touching its highest since June 15 at $9,924.
“Given the scale of...
Our updated chart shows that clearly the price is in a descending channel.
Our take profit levels are broken down in 4 layers.
The price of Copper will be depending on mainly Asian and other indices performance, especially the more industrial ones.
Copper Long Setup
TP & RR: $3.6094 (3.47)
Stop Loss: $3.4671
REASONS FOR THE TRADE
Opening a long order at a support level. As simple as that. The Stop Loss is set below the previous low and the Take Profit is at the lower trendline from the triangle that we broke down from. The market Flow indicator is printing a divergence on the 4h chart,...
Most likely will rise (70%) chance, volatility inbound is guaranteed.
Asian stock markets rising fast = Copper demand can grow
Dollar issues = Copper can rise
= fundamentals are for Copper to rise, hence I am buying
I like to set at least 4 take profit levels). Trading becomes really difficult unless you can have the power of patience and the power of taking profits gradually.
- you don't close in profit too early (oh fuck, i mad 200$ but if i had kept i could had made 2,000$)
- you do take profits along the way ensuring you make something (best trading habit)
Copper price continues to form bullish waves to settle above 3.6400 and confirm the preparation of recording new targets in the near term and medium term basis, expecting to crawl positively towards 3.73 followed by attempting to press on the next barrier at 3.7880 to form the next station of the bullish bias.
The expected trend: Bullish
There is a direct correlation between the S&P 500 and copper performance and they generally move in the same direction.
Copper is much more closely aligned with global growth and demand, so if the global economy is expanding then demand for copper should increase.
In other words, if the stock markets correct or crash the price should drop (now at...
This is our small chart for Copper.
As you can see from previous ideas we were able to sell it at a perfect time right on the mega-resistance . That level is a massive barrier that Copper will find great difficulty breaking.
The take profits are on our previous charts
We called it, it happened.
Price hit the Mega-Resistance and bounced back down, already down 1,4% today. That was personally my biggest trade in value yesterday and it paid off. Stop losses are now at entry and risk is zero but the potential reward is huge, with several take profit levels in mind.
Technical analysis never lies.
We take profit gradually, always.
Find on the chart our first 3 take profit levels
ps. it takes 1 take profit level for us to secure some profit and then have the stop loss at zero (entry) to secure a guaranteed profit. Try to do the same and your trading will become better. 💌
copper- approaching a major resistance level (the ALL TIME RESISTANCE LEVEL)
We will start opening some short positions here today but carefully because it still has room to rise another 2,5% before dropping massively
Comex Copper - Weekly
Bottom Line : Adjusted wave count: Comex Copper may complete a flat correction by rising to a new high.
Comex Copper may be rising in wave (C) of a flat correction developing as wave X (circled) of an ongoing bear market from 2011.
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...