READ THE MARKET COMMENTARY IN THE CHART CAREFULLY...AND TRY TO LEARN THE ELLIOT WAVES...OTHERWISE ITS TOUGH TO UNDERSTAND MY ANALYSIS
All information given inside the chart and i shared this for educational purpose only. Maximum i wont give the followup or update in the old chart posted as educational trade idea, sometimes i will...so please make sure if i posted...
Price has broken the former low yesterday. Now the market gives double insidebars and a decent space for retracement. Try a long position and see.
Entry: Buy stop @ 2.808
Stop: 2.787
TP1: 2.832
TP2: 2.858
TP3: 2.885
Remanks: Clearly the trend is going down. But this step-back opportunity is worth trying. Use your very small position to participate. Don't even...
I do enjoy trading metals, This red metal doesn't get the respect it deserves. It's a glorious utility metal, I'm reading; it takes about 25 pounds of copper to make a traditional vehicle and full electric cars require 185 pounds of the highly conductive stuff. It's called Dr. Copper cause it has a PhD in economics (not my term). A very good indicator of supply...
EW suggest grinding towards $2.3- $2.4 of 50%-78.6% of fib level for C.
Weekly and Monthly RSI shows weakness. Confirms the larger downtrend.
Find Sell setups on lower TFs.
Good luck
Robus
copper, price making double top on copper in daily time frame. Non-commercials reduced long positions 6k in copper, long% decreased 2%, while short% increase 2%.
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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