COPPER Futures- Support @ 2.45 has held. Bullish case revivedCopper may be ready to challenge 2.80 levels and move higher. Rising from strong support levels of 2.45.
COPPER trade ideas
Copper Cup & Handle BO TGT 2.742Looking good if sustain above 2.58 & daily closing will confirm BO for Cup & handle. It will also lead to BO of TL & immediate buying blw 2.555 supporting the idea of BO.
Copper In Down TrendCopper has broker the lower wall of previous upward parallel channel few days back and currently travelling in downward channel, we can see some up movement to taste the upper wall of the current up channel but if goes down and break the strong support at 2.465 and sustains below then a huge downfall movement can be seen....
as of now my current strategy would be to wait for the copper to come up and taste the upper wall of the channel and once confirmed the reversal to the downside will short it near 2.625 - 2.635 with sl of 2.70 for the target of 2.5 - 2.45
thanks and regards
kamal khan
Copper & RSIIt is fascinating to see more than one RSI divergences occuring nearby. No 1 is a hidden bearish divergence which made the price to fall. No 2 is also hidden bearish divergence which is trying to pull back the price down. No 3 is a hidden bullish divergence which will take control of the price. I expect the price to move down and after taking support it will bounce upside. I have marked the price action in blue arrow.
