JICPT| Copper pending breakout the sideway upper boundary!Hello everyone. Copper is on the top of my watching list due to its widely usage in the world. In my opinion, it serves as the leading indicator of the economy to help us catch nice investor opportunities in the market. e.g. thematic funds.
To make the long story short, let's look at the daily chart:
1. The long-term MA did prevent the price from further going down. In addition, the short and mid-term MA failed to crossover the long-term one, indication momentum to the upside.
2. It has been sideways for a while with the key level 4.4080 to be taken out. The level is also the upper boundary.
3. The likelihood of going up is high, however, I don't know if it directly penetrate the key level(4.4080), or seek support from the bottom level. I guess nobody knows. Considering the date of today, normally Friday is a bit quiet. So, we're very likely to know the result next week.
Two possible setups:
Breakout and pullback trade: with impulsive breakout, I plan to long at the pullback. This is momentum play.
Pullback and bounce back trade: Price falls to the bottom of the sideway structure(4.1340), I plan to long at the bottom. This is a sideway setup.
Hopefully, it helps. Enjoy the weekend.
