Facts:
- The main trend remains upward
- The bounced off the lower limit of 1:1 structure
Recommendation:
Start investing today or test a free demo
Create account Try a demo Download mobile app Download mobile appTrade: Long position on Copper at market price
Target: 9080, 9380
Stop: 8350
Opinion: Copper has been trading in an upward trend recently. Looking at the D1 interval, one can see that the price once again bounced off the key support area near 8,450. The green marked zone is a result of lower limit of 1:1 structure, as well as 50% Fibonacci retracement of the recent upward move. In addition, local double bottom formation surfaced on the chart. Taking this into account, one could expect the price move higher from current levels. We recommend taking a long position on Copper at market price with two targets 9,080 and 9,380. We recommend also placing a stop loss order at 8,350. Source: xStation5
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