Copper is setting for big move. Explained with entry techniques
Copper Futures were very volatile last week. Usually, it indicates a big move coming. I think this market sets for decline as well:
COT – commercials have one of the largest net short positions we have seen for quite a while
The cycle is turning to the downside with a potential reversal point at the beginning of November
Daily chat has an interesting pattern – all large ranges have been to the downside (it indicates weakness)
So, the question is if there is any short signal coming? Breaking below Fridays low on Monday or Tuesday can be considered as an entry. Alternatively, we can see a few days bounce to 2.95. Rejection at this point is another possible entry to short Copper.
COT – commercials have one of the largest net short positions we have seen for quite a while
The cycle is turning to the downside with a potential reversal point at the beginning of November
Daily chat has an interesting pattern – all large ranges have been to the downside (it indicates weakness)
So, the question is if there is any short signal coming? Breaking below Fridays low on Monday or Tuesday can be considered as an entry. Alternatively, we can see a few days bounce to 2.95. Rejection at this point is another possible entry to short Copper.
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.