COPPERCopper has given breakdown along with good intensity of volume, also formed 5 wave declined as a wave i after forming triangle as a wave X, wave ii has retraced very minor pullback, and now possibly wave iii is unfolding, which is making sentiments more bearish along with trend indicators supports in same bias, all the key levels are mentioned on chart.
Overall wave structure on daily chart
breakdown with good intensity of volume
RK's magic cloud sell activated in Daily
RK's magic cloud sell activated in hourly
macd in weekly running negative
macd in daily running negative
macd in hourly turned negative
rsi in hourly
overall key levels are mentioned on chart
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My studies are for educational purpose only.
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COPPER trade ideas
Big Head and Shoulder pattern with long term reversal possiblityTechnically it looks like Copper is getting ready for long term upside by forming strong consolidations at monthly support. Looks like left shoulder and head is already formed where head is formed by a double bottom pattern which is also bullish.
Once pattern completes and price breaks above the pattern we can see a very strong and clean up trend.
Copper near long term Resistance can fallcopper is trading hovering near Resistance and we can see divergence on the charts which is a good signal, can be shorted here with a good favorable RR, Sl can be placed few pips above the last swing high i.e 2.72, targets are on the chart. Once it starts moving in our direction trailing stop loss is suggested as markets can turn back any moment.
A good pair of reversal candles is forming on the 15 and 30 minutes time-frame, you can look for sell as soon as the first sell signals come to minimize your risk, if it doesn't give any signal on the lower time frame and move up aggressively from here the setup will be invalidated.
Always Remember to take care of your risks profits will take care of themselves