Is copper leading the heat upwards, or is it misconducting us?
On the 4H 
COPPER has formed a rising wedge. Following the drop from Aug 27 it hit the Fib sweet spot, retraced, and then dropped quite a bit. It has now turned and crossed significant Fib levels on its way up and is currently resting on the 61.8% level. The 50EMA is also crossing up through the 100EMA. A retrace into the sweet spot (50% - 61.8%) could be considered a false break, as it would also break the lower wedge line. There is some resistance ahead, in my opinion the strongest will be in the $4.30 area as this is the most recent high. Looking further back, the high is $5.172. There is also news coming out of China that demand is picking up. My first target would be the resistance around $4.30, this would also be a break of structure on the daily, and if this breaks the next recent high is $4.689 from early July.
COPPER has formed a rising wedge. Following the drop from Aug 27 it hit the Fib sweet spot, retraced, and then dropped quite a bit. It has now turned and crossed significant Fib levels on its way up and is currently resting on the 61.8% level. The 50EMA is also crossing up through the 100EMA. A retrace into the sweet spot (50% - 61.8%) could be considered a false break, as it would also break the lower wedge line. There is some resistance ahead, in my opinion the strongest will be in the $4.30 area as this is the most recent high. Looking further back, the high is $5.172. There is also news coming out of China that demand is picking up. My first target would be the resistance around $4.30, this would also be a break of structure on the daily, and if this breaks the next recent high is $4.689 from early July. Dagangan aktif
Copper has broken both levels of resistance, and is currently around $4.31. It might be some rouch sailing this week, with economcic data being released, and Copper might find itself affected by movements in the market. I believe there is more to come for Copper.Nota
Copper keeps getting hotter, and is approaching the mentioned high of $4.689 from July. After a very good run, this would be a nice level to take some profit.Dagangan ditutup: sasaran tercapai
Target was reached, and following this price has shown some weakness. Case is not looking too strong at the moment, so I will close my trade for a nice profit.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.