Copper Some resistance going at that level
Correction or Impulsive Down Move - Only Time will tell. However one can stay with a short side bias for next month or so and play for a move to 2.3 Area (Green Line)
Copper has completed abc correction that began in early 2016. It is also at the top of a LT channel. Copper seems to have started a corrective (possibly impulsive) move from 2.8 highs; this should take it to a target of 2.49 in the short term(also a strong support zone)
price move below neck line and move for test in zone... what wil happen ?
Nothing More to add to my last comments. Except that the possibility of a last push up to Green Area still remains in Play.
Not much to add to Last Weeks Analysis, except that i have also added Open Interest to the chart. You can well see that Open Interest is at Record High for Last 7 Years. In fact it is at all time record high for last 25 Years. So be Careful. With Bearish COT Commercials and record high OI, My Bearish call has a solid backing and reasoning
With Limited possible upside, distribution may soon begin. Be Careful with LONG entries.
Copper is a buying opportunity upon 50 to 61.8% fib retracement levels around 2.085 levels with stoploss just below 2.06 for targets of 2.15 / 2.20. This could turn out to be a correction or the start of a new rally.. Price action would give more details. Happy Trading!!
As per Daily chart, the price action is consolidating in a symmetrical triangle. Showcasing Lower Highs and Higher Lows. Enter at Breakout to gain best out of it.