After pulling back from recent highs, copper is showing signs of stabilizing. In my view, this move is more likely a correction within a broader uptrend rather than the start of a deeper decline.
I remain optimistic about the commodity sector in the near term, and copper is no exception. From current levels, the odds favor a resumption of the uptrend over a continued drop.
On the monthly chart, the broader bullish trend remains intact as long as the price stays above the 4.00 level. There’s a possibility that copper may dip toward 4.20 before rebounding, but the current price zone already looks attractive for initiating long positions — we might not get a deeper pullback.
Friday’s candlestick adds confidence to the bullish case, and similar constructive setups are appearing across other industrial metals, such as silver, palladium, and platinum.
📝Trading Plan
🟢Entry: Current levels (~4.45)
🔴Stop: Below Thursday’s low — 4.35
🎯Target: 4.67 / 4.87 / 5.24
I remain optimistic about the commodity sector in the near term, and copper is no exception. From current levels, the odds favor a resumption of the uptrend over a continued drop.
On the monthly chart, the broader bullish trend remains intact as long as the price stays above the 4.00 level. There’s a possibility that copper may dip toward 4.20 before rebounding, but the current price zone already looks attractive for initiating long positions — we might not get a deeper pullback.
Friday’s candlestick adds confidence to the bullish case, and similar constructive setups are appearing across other industrial metals, such as silver, palladium, and platinum.
📝Trading Plan
🟢Entry: Current levels (~4.45)
🔴Stop: Below Thursday’s low — 4.35
🎯Target: 4.67 / 4.87 / 5.24
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.