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Coppertrading

COPPER: Long term sell signalCopper is bullish on its 1D technical outlook (RSI = 59.350, MACD = 0.033, ADX = 19.471) as it is at the top of the 2023 Channel Down, but having failed to cross over it, opens the way for a big decline in the first quarter of 2024. As you can see the Channel Down that started last January looks very similar to the one in 2012/13. Both emerged after a Global peak and then rejection to an oversold 1W RSI bottom. It is very interesting how similar the ranges are, both Channel Down bearish legs have been around -18.50%. We are turning bearish on the most optimal technical level and aim for another -18.50% decline (TP = 3.2500) or up when the 1W RSI gets oversold (under 30.000). See how our prior idea has worked: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
COMEX:HG1!Short
by InvestingScope
COPPER: Neutral. Wait for a breakout.Copper is technically neutral, as also dipicted by the 1D outlook (RSI = 50.817, MACD = -0.013, ADX = 24.251) inside the HL trendline of the Bullish Megaphone and the LH trendline of the January High. This movement can only offer scalping opportunities. If you want to commit beyond those, buy over the LH and target R2 on the medium term (TP = 4.1950) and sell under the HL and target S2 (TP = 3.5450). ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
COMEX:HG1!
by InvestingScope
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