Chart is self explanatory, since the previous leg down from last year copper has been trending up since February of this year. Currently price has broken out of a "bull flag pattern" and looks as if it wants to retest resistance at 2.910. Marked by the arrows are the previous times the area has acted as support or resistance. A break above would signal me to look for long entries with the initial target being the -27 Extension and the secondary target being the -618 Extension. Of course this is the plan if price breaks thru resistance. On the other hand I'll also be looking for signs of bearish evidence to the downside once price retests resistance.
Cheers, happy trading =)
(I forgot to mark the tests of support / resistance with arrows also.. opps lol but I'm pretty sure you can see the tests of S/R)
Cheers, happy trading =)
(I forgot to mark the tests of support / resistance with arrows also.. opps lol but I'm pretty sure you can see the tests of S/R)