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Trade of the day: Copper (02.05.2023)

11:45 AM 2 May 2023

Facts:

  • The main trend remains upward
  • The bounced off the lower limit of 1:1 structure

Recommendation: 

Trade: 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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