COPPER broke out of the double top pattern and targets 2.68 Cheers!
Copper is on a standard 1D bearish sequence (RSI = 39.990, MACD = -0.034, Highs/Lows = -0.0234) that has just (marginally) crossed the 2.74170 Support. With the RSI however approaching the 32.800 mark, a bullish reversal alert is triggered as the last 4 times that the price bounced near or just below this mark, Copper gained +7 to +8%. Assuming that happens now we...
There is no reason why an inverted Copper chart should look like the Gold chart, but leading by 13 days (April 21=now). But it does look like it. I have bought at market (1290) for 1335 with a tight 1280 stop. RR 4.5:1. Very small size, as I have no other. evidence.
Prediction from my last post for Copper went wonderfully. Feeling a retest of the 2.810 level from the left "shoulder" for a nice RRR. Closure above good bi daily level. Will be trading within these bi daily and weekly + monthly levels.
OANDA:XCUUSD Feeling a short opportunity for XCU this week. Currently we have ended last week below the ascending trendline and broke out of consolidative wedge forcing us to go below. I will stick pending orders just below the trendline that has broken in anticipation for a retest of that break to then go back down. I have set 3 take profit target levels for...
Pattern: 4H Rectangle. Signal: Bearish (Double) on the 4H Resistance and 1D Resistance. Target: 2.9000.
Copper retested the breakdown point within a small consolidation. Watch breakdown for another drop.
Pattern: Fibonacci retracement. Signal: Bullish either now (1D support) or on the 0.382 Fibonacci. Target: 2.96000.
Attention should be paid to the decision-making process. According to the decision will be determined pricing.
While commodities get demand, we like to keep an eye on copper where a surge in options trading indicates some supply concerns are creeping into the market. Add long on the breakout of TL
Based on their correlation since 2002 we can say that EURUSD is a leading indicator for Copper. Especially since 2010, they both trade within a 1M Channel Down, with EURUSD however respecting the Lower Highs/ Lower Lows more. So with EURUSD on a long term bearish trend towards the 1.0358 support, we expect 2.000 long term for Copper. Technically Copper's 1M is on...
Just trust my opinion, I don't really like explaining. At least, not yet.. good luck..