I have had a bullish
bias on copper
for some time, check the linked chart. After a false break below 3.0000, things looked good for copper
, and a small uptrend emerged. Now, this uptrend is correcting, and it seems like the correction is ending, and bearish
momentum fading. The problem is that around 3.000, there is a strong resistance area
, and placing a stop is tricky, and I have no answer for that, I would just go with my gut. Another option would be to wait for a strong day, and place the stop below this swing low. If my account would allow me, I would buy a very small quantity of copper
right now, and then add when there is a strong day.
The weekly chart is forming another bullish divergence
, but for now there is no confirmation, so the weekly is in stand by mode.