Copper is an essential industrial metal used worldwide. Copper prices are followed in financial markets around the globe and the metal is growing in popularity. Copper is widely used in construction and because of its electrical properties is found in wires and circuit boards. Copper is mined in open mines around the world, with Chile and the United States leading in overall copper production. The demand for copper is increasing as countries such as China and India continue to develop, while the supply remains tight. The growing demand and constrained supply is likely to keep copper prices volatile in the near future. Copper prices are commonly quoted in USD.
A very simple, crystal clear buy setup in copper. Price was rejected at a previous support and resistance parallel of the rising channel, giving us a very nice buy setup
Copper was doing good during last two years as it rallied from sub-2 to above-3 levels.
But the structure is corrective so the wave C finished the correction being equal to wave A by size.
Then we saw a breakdown below the white support this March.
After that there was a healthy pullback, which was rather menacing as it almost broke the earlier top but failed just ...
After seeing a beautiful teacup/ cup and handle formation, I'm expecting a long position on copper. On the daily chart yesterday (8/20) copper had a bullish push. Entered a long position, and will be holding a swing trade.
Sl- 2.4357
Tp1- 2.7852
Tp2- 2.9895
Tp3- 3.3093
Those are my projections. My entry was at 2.7151
#COPPER
cmp $2.743
Target 2.46
Stop 2.85
Rectangular consolidation range broken.
Post break, flag formation.
Any uptick till 2.80 is a shorting opportunity for a target of 2.46.
As previously discussed in other post I expected Copper to correct quite a bit. I was expecting the 2.44-2.60 area because of many confluences. However, we have completed an ending diagonal pattern that pushed to 2.86. Now we have come down to my expected support area based on fractals and fib levels, which we are now holding. Also, if you look at the USDOLLAR we ...
update
looks like it is going to hit that green zone again
rsi and cci upswinging
same price as the last time it rised from the oversold position
safe trading
@wizardsofcrypto
that is some major bullish divergence going on
check the rsi vs price on that long line timeframe
indicators show possible breakout
expecting a shot to the green zone
Hi guys, thank you for the support! I will have this analysis out each weekend as well as daily updates throughout the week, if you guys like what I'm doing hit the "follow" button and you will get a notification each time I post a video or chart!
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This level seems like it has some kind of importance.
https://www.tradingview.com/x/LKHH23Mr/
Got this EW count, makes sense to me:
https://www.tradingview.com/x/n23iztRj/
We retraced 0.382 first high TF wave, then right now we are on 0.618 next wave...
Major level imo...
Hi guys, thank you for the support! I will have this analysis out each weekend as well as daily updates throughout the week, if you guys like what I'm doing hit the "follow" button and you will get a notification each time I post a video or chart!
Have a great day everyone!
