COMEX copper may have found a base, but whether the nascent recovery of recent weeks can continue faces a major hurdle at $4.50 resistance. With momentum indicators like RSI (14) and MACD still deeply negative, favouring a bearish bias, the contract remains a sell-on-rallies prospect until the price action suggests otherwise.
If the contract stays capped beneath $4.50 per pound, the July 31 low of $4.3325 is the first downside level to note, followed by $4.25 and $4.00. Those considering bearish setups could place stops above $4.50 for protection.
If the rebound were to extend above $4.50, the setup could flip, allowing for longs to be established above the level with a stop beneath for protection. The 200-day moving average, $4.75 and $5 per pound stand out as potential targets, depending on desired risk-reward.
Good luck!
DS
If the contract stays capped beneath $4.50 per pound, the July 31 low of $4.3325 is the first downside level to note, followed by $4.25 and $4.00. Those considering bearish setups could place stops above $4.50 for protection.
If the rebound were to extend above $4.50, the setup could flip, allowing for longs to be established above the level with a stop beneath for protection. The 200-day moving average, $4.75 and $5 per pound stand out as potential targets, depending on desired risk-reward.
Good luck!
DS
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Exención de responsabilidad
La información y las publicaciones que ofrecemos, no implican ni constituyen un asesoramiento financiero, ni de inversión, trading o cualquier otro tipo de consejo o recomendación emitida o respaldada por TradingView. Puede obtener información adicional en las Condiciones de uso.