During yesterday’s Commodity Commentary webinar one of the assets we were interested in was a LONG trade on any potential bounce in the Copper price. The weakening USD had helped Gold and Silver move very positively, but Copper had lagged the down move on the USD. However, the strong close yesterday (a 7 day high and strong body on the candle together with a break above the seven day range) triggered a LONG trade at 2.0874. Target 1 is 2.1150 which coincides with the 20 DMA and 23.6 Fib level and Target 2 is 2.1450. The current 14 day ATR is 0.200.
This trade is very much against the long term monthly down trend and bear market in Copper that has been in place for some six years.
Trade with strict risk management and remember that your capital is your number one financial asset; your priority should always be capital protection.
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