After breaking though a recent up trend, Copper has be consolidating around the ~2.328 level. it has been making lower highs and now has 3 touches, at the 4th time at this level i expect it break though explosive to the down side. this will be in line with the major trends on the monthly and weekly charts. also adding to this is the SlowStoch has crossed over to form a "sell signal" (i don't rely on this signal but it adds weight as a bonus signal). the CCI is approaching the -100 level, that will be breached at the flat level. and on the RSI, SlowSoch, and CCI they are all conversing to the down side.
TRADE PLAN: i will be watching price action over the next few hours, but am expecting to raise an order unless the most recent high is broken negating this trade. my entry will be a few points below the level, with a stop just over the old high, i have 22 profit targets 1st target is 1:1 and the 2nd is 2.2:1. both targets marked by the green lines, and stop marked by the red.
i may look at a lower time frame as well and see if a better opportunity comes up but at this stage this looks the on copper to me.
TRADE PLAN: i will be watching price action over the next few hours, but am expecting to raise an order unless the most recent high is broken negating this trade. my entry will be a few points below the level, with a stop just over the old high, i have 22 profit targets 1st target is 1:1 and the 2nd is 2.2:1. both targets marked by the green lines, and stop marked by the red.
i may look at a lower time frame as well and see if a better opportunity comes up but at this stage this looks the on copper to me.