JICPT| Copper on the verge of another breakout again!
Hello everyone. Copper is a leading indicator that I like to review from time to time. My previous breakout projection worked well. However, it fell back again formed a higher low, indicating strong momentum.
So, basically this is a momentum play. I also searched other clues as an odds enhancer. Below is the line chart of copper and Us 10Y yield. It clearly to see that the two has been in the same direction for sometime in general.
The reason behind this is the recovery of the economy. Though, supply and demand is another key factor impacting copper's price.
After the breakout, the nearest target is 4.63. With the continuation of the economy recovery, I'm bullish on copper. The nerve zone for me is 4.7 and above.
What do you think? If you're with me, don't hesitate to give me a like.
So, basically this is a momentum play. I also searched other clues as an odds enhancer. Below is the line chart of copper and Us 10Y yield. It clearly to see that the two has been in the same direction for sometime in general.
The reason behind this is the recovery of the economy. Though, supply and demand is another key factor impacting copper's price.
After the breakout, the nearest target is 4.63. With the continuation of the economy recovery, I'm bullish on copper. The nerve zone for me is 4.7 and above.
What do you think? If you're with me, don't hesitate to give me a like.
Comment:
The slower-than-expected Chinese data weighed on the stocks, commodities, e.g. crude oil and copper. Pay attention to the recent low of 4.2425.
Comment:
Technically, the recent low has been violated. If the daily candle closes below the recent low, then bullish trend will be terminated.
plan your trade and trade your plan
