Copper, 240 min
Price of copper surged last week alone by over 7% as shorts were squeezed after a sustained rally in oil supported the commodity complex. This drove the price copper into a weekly resistance area at 2.2246 – 2.2820, an area that coincides with the upper weekly Bollinger Bands. Since the March 4th peak the price of copper has shown signs of weakness and reacted lower from the highs. As the nearest important daily support level is at 2.1493 there is room for further correction.
We look for sell signals inside the 2.2538 – 2.3040 Sell Area with Target 1 at 2.1617 – 2.1891 and Target 2 at 2.0740 – 2.1013. Traders may consider setting stops and position sizes according to the risk management principles taught in my webinars. I advise to use my analysis if your own analysis agrees with it and you have attended my webinars to learn how to manage risks.
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Chief Market Analyst
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