Copper Testing Final Resistance Level
Trade Idea: Bearish Reversal
Copper price has once again bounced back to the final resistance level (the 3rd time). Since mid September, price has been trading in a bearish channel, supported by poorer & poorer data coming out of China. Look for a potential reversal as the market resume pricing in poor economic datas coming from China, trade war dispute & global decline in investments & confidence.
Trade Step-up: Short
Scenario One: Price rejects a break from the final resistance level. Look to profit at 2.6500
Scenario Two: Price reverses and continues its reversal all the way to key support level. Look to profit below 2.5800.
Copper price has once again bounced back to the final resistance level (the 3rd time). Since mid September, price has been trading in a bearish channel, supported by poorer & poorer data coming out of China. Look for a potential reversal as the market resume pricing in poor economic datas coming from China, trade war dispute & global decline in investments & confidence.
Trade Step-up: Short
Scenario One: Price rejects a break from the final resistance level. Look to profit at 2.6500
Scenario Two: Price reverses and continues its reversal all the way to key support level. Look to profit below 2.5800.