Coppers longtermchart is deep red - just knows oine direction: downwards.
Have the tinmes changed? Are there first signs for a turnaround?
Since 09.06 we see an uptrend was formed.
In the 1h-chart you also can see the dominant downtrend-line.
Since one week, copper is fighting with this trendline and forming a bullish flag (blue) Today we have tested the bottom edge of the flags possible body.
This bottom is corresponding to the 0,5 fibo retracement of the youngest upmove since 07.07.
The area within the body seems to be neutral. for me there are several action points at the moment.
1. the bodys bottom edge: the risk-lover would open here a l shortterm longposition
2 Stoppsell below the 61,8 fibo @ 2,17 tp 2,11
3. stoppbuy above 2,28 also shortterm
4. stoppbuy above 2,32 longterm position (trying to catch the turnaround) tp 2.49 (longterm trendline- zoom out to daily chart)
Trading below 2,11 could cause a "selloff" down to 2,0
Comments are welcome -agree or disagree -i am interested in your views and possible trading possibilities
Have the tinmes changed? Are there first signs for a turnaround?
Since 09.06 we see an uptrend was formed.
In the 1h-chart you also can see the dominant downtrend-line.
Since one week, copper is fighting with this trendline and forming a bullish flag (blue) Today we have tested the bottom edge of the flags possible body.
This bottom is corresponding to the 0,5 fibo retracement of the youngest upmove since 07.07.
The area within the body seems to be neutral. for me there are several action points at the moment.
1. the bodys bottom edge: the risk-lover would open here a l shortterm longposition
2 Stoppsell below the 61,8 fibo @ 2,17 tp 2,11
3. stoppbuy above 2,28 also shortterm
4. stoppbuy above 2,32 longterm position (trying to catch the turnaround) tp 2.49 (longterm trendline- zoom out to daily chart)
Trading below 2,11 could cause a "selloff" down to 2,0
Comments are welcome -agree or disagree -i am interested in your views and possible trading possibilities
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Reached Action Point - is that a trendbreak?
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