Copper Coiling at a Major Support/Flip Zone
Copper on the 4 hour is looking very nice. We have had a prolonged down trend with multiple swings, and this has hit a major support/ flip zone where we would expect profit to be taken, and then perhaps a reversal.
We are seeing that price has not been making new lower highs. In fact we can say price is struggling to make another lower high swing. We seem to be creating the beginnings of a reversal foundation with a range and or a double bottom with engulfing candles showing where the buyers are at.
I would like to see a first higher low swing in the new trend, which we could be forming currently but will not be confirmed until we break and close above the blue level marked ( 2.5550 zone).
First target will be the flip zone at 2.62.
Take a look at the weekly chart to see how important this support/flip zone is:
We are seeing that price has not been making new lower highs. In fact we can say price is struggling to make another lower high swing. We seem to be creating the beginnings of a reversal foundation with a range and or a double bottom with engulfing candles showing where the buyers are at.
I would like to see a first higher low swing in the new trend, which we could be forming currently but will not be confirmed until we break and close above the blue level marked ( 2.5550 zone).
First target will be the flip zone at 2.62.
Take a look at the weekly chart to see how important this support/flip zone is: