BUY It...a few pips downSORRY for posting late...entry was queiy below near bottom...but still u can make good money..any dip buy it..and hold until u get a good amount.
HGU2017 trade ideas
Copper Prices DivergeCopper prices are diverged from RSI. Price action is loosing momentum. Which increases the risk of buyers selling in frustration.
Copper breaks through support on daily charts.Copper should be heading lower to around 2.25/2.35 in the coming weeks. Crucial support at 2.55 gave way today.
Dr CopperCorrection 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 Futures- Heading up toward the 2.75/2.80 zone.KST indicator has turned up indicating a swing up to the 2.75/2.80 zone in the coming days. Stop @ 2.525 (beloew previous swing low)
Short with Target below 2.500Copper 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)
Copper futures- Bearish ending diagonalCopper Futures heading for bearish breakdown from ending diagonal pattern (Wave 5 end usually)
CopperNothing More to add to my last comments.
Except that the possibility of a last push up to Green Area still remains in Play.
Copper - Status QuoNot 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
A continuation trade in CopperIf price trades above the blue line and trades there, next resistance could be the falling green line and then the red falling TL at 2.2500.
Copper QC Contract- H&S Pattern Since 15th Jan 2016-- Copper QC moved impulsively & made a top@2.3200..Since then it retraced & has been moving sideways- almost completing an H& S pattern.
so once we move above 2.2400 -it the first clue & above 2.2900.. Copper QC contract shall move strongly upside in the zone 2.5500 to 2.5700 which is the target zone of Head & Shoulder Pattern.
Regards,
Abhishek H.Singh, CMT
