COMEX copper may have found a base, but whether the nascent recovery of recent weeks can continue faces a major hurdle at $4.50 resistance. With momentum indicators like RSI (14) and MACD still deeply negative, favouring a bearish bias, the contract remains a sell-on-rallies prospect until the price action suggests otherwise.
If the contract stays capped beneath $4.50 per pound, the July 31 low of $4.3325 is the first downside level to note, followed by $4.25 and $4.00. Those considering bearish setups could place stops above $4.50 for protection.
If the rebound were to extend above $4.50, the setup could flip, allowing for longs to be established above the level with a stop beneath for protection. The 200-day moving average, $4.75 and $5 per pound stand out as potential targets, depending on desired risk-reward.
Good luck!
DS
If the contract stays capped beneath $4.50 per pound, the July 31 low of $4.3325 is the first downside level to note, followed by $4.25 and $4.00. Those considering bearish setups could place stops above $4.50 for protection.
If the rebound were to extend above $4.50, the setup could flip, allowing for longs to be established above the level with a stop beneath for protection. The 200-day moving average, $4.75 and $5 per pound stand out as potential targets, depending on desired risk-reward.
Good luck!
DS
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.