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 might go lower due because it looks like its forming pennant. However, the pennant could be penetrated from the top and go further up. I have bearish sentiment on this metal since it is one of the indicators global economy is going down and in the last year copper lost around 4% of its value.
I shorted copper last few weeks several times, happy I did, this week I'm seeing weakness in it's downward trajectory. There is a clean hammer on the daily which really gets me focused. I see MACD divergence developing, double bottoms on 4 hour and price in the area of previous support. I won't take the trade at the current price (I think you could, being happy...
Je vais surement vendre le cuivre dans les heures qui suivent si une opportunité se présente.
à court terme sur la semaine dernière le cuivre a fait un nouveau point plus bas qui indique un retournement de tendance.
Aujourd'hui le prix remonte jusqu'au pivot qui coïncide avec les moyennes mobile 50. ça laisse un bon ratio de bénéfice/risque si l'on va jusqu'à 2.54...
The trick is that you are allowed to buy that position with only a margin of 1% or less, that is to say, only put 1000 usd of margin and you would get that position, suppose you are a little smart reduce and only use 10 times leverage, the maximum Accepted loss on this trade would be 2.87% ( of value ), if this sum is multiplied by 10, it would be an unacceptable...
Stop at 259.60
On this chart the price is 100th of my trading account so I chalked it up to repect these prices. Good luck with your trades and always protect your capital.
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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