Copper seemingly has broken its downtrend, with the presence of a strong linear regression uptrend on the daily chart (0.86) this upward movement will likely continue.
I’m watching for copper to Pull back into the last last resistance turning support in line with .618 ($2.70ish) and then continue its move upward toward $3. I will review 4hr for entries both ways.
Not trading advice, just my perspective.
Copper is going to complete the deep correction within WXY structure.
We are in wave c of Y to hit 2.23 area, where Y=W and correction reaches 78.6% Fibonacci retracement level.
Stop 2.71
Entry market
Target 2.25
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.
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