Hello Guys,
Posting About COPPER Today ...
Let's Start with Weekly Charts.
Copper Chart on weekly time frame, See a Falling Trend line in Blue dotted line The Price has already broken out from the falling trend and moving nicely upward. We can see the Price has formed a reversal pattern Inverted Head and Shoulder, The Neckline of Inverted Head and Shoulder is placed around 280 levels and the Breakout from 280 levels is strong with current week's Strong Bull Candle. The Price needs to sustain above the Neckline for the Week and Next week Candle should be completely above the neckline. Actually On Daily Time frame Today's Candle (26th July) is Trading above the Neckline completely. We may assume the breakout is done now.
Let's Move on to the Next Chart
The Same Chart on weekly time frame, in this chart, we can see a Bullish Formation "Cup & Handle" with a Neckline placed around 283.4 levels, The Neckline worked as a strong level in past and the Breakout will give more strength to the metal for further upside. On Daily chart, current candle (26th July) is trading above the Neckline and we assume the breakout is done.
According to the chart Recent lows on cup and the Head of the formation around 200-203 level. Which indicates further upside of atleast $80 from Current breakout level of 280-283, Targeting $360 levels, obviously it will not be one sided move. It will be having some resistances on the way to 360, which will be around 312 - 329 - 340 and then 360+ While Moving towards targets the Prices may correct, consolidate and then move. The Adviser is not suggesting the targets on immediate basis. We might see the Targets in Next Few Months.
I will recommend to consider all Risk involved in the trade and suggest to avoid any random entries without consulting your trading adviser. As Said earlier, the prices may correct, consolidate at some levels and wrong entries may cause losses in trade.
In Short, The Recommendation is :
BUY COPPER
Buy Range : 280-283
Stoploss : 271
Take Profits : 312 - 329 - 340 - 360+
For me The Risk associated with the trade is $10 approx and the Reward till Final Take Profit is of $80 .. Risk Reward of 1:8 is a Perfect Setup for any trade to buy and Hold, I advise to Enter small Trades till price is below 293, Above 293 Trade size can be increased and Hold the trade till final Targets. Traders may keep trading according to the given levels.
I will recommend to consider all Risk involved in the trade and suggest to avoid any random entries without consulting your trading adviser. As Said earlier, the prices may correct, consolidate at some levels and wrong entries may cause losses in trade.
In Short, The Recommendation is :
BUY COPPER
Buy Range : 280-283
Stoploss : 271
Take Profits : 312 - 329 - 340 - 360+
For me The Risk associated with the trade is $10 approx and the Reward till Final Take Profit is of $80 .. Risk Reward of 1:8 is a Perfect Setup for any trade to buy and Hold, I advise to Enter small Trades till price is below 293, Above 293 Trade size can be increased and Hold the trade till final Targets. Traders may keep trading according to the given levels.
Disclaimer:
The Adviser is a Global Market Expert and Internationally Known Financial Adviser, The Adviser or his clients may have trading positions in the given instrument. But due care is taken to keep the Views expressed here unbiased.
For Detailed Follow up and Consistent trading Signals please consult the Adviser for his Paid Subscription Services. For Limited Free Advisory Services Follow our Telegram Channel https://t.me/fxmagician2016
The Adviser is a Global Market Expert and Internationally Known Financial Adviser, The Adviser or his clients may have trading positions in the given instrument. But due care is taken to keep the Views expressed here unbiased.
For Detailed Follow up and Consistent trading Signals please consult the Adviser for his Paid Subscription Services. For Limited Free Advisory Services Follow our Telegram Channel https://t.me/fxmagician2016
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