#Copper: Double top completion suggests shorts favored..
Looks like copper is ready for another leg lower in the near term.
The overall long term trend for copper is still down. However for the short term , we have see an upside correction recently, however probabilities suggest that trading with overall trend is favored. And thus the recent pullback could be a good oppurtunity for another short.
Technically,
My targets at 2.317 , 2.225 . I would revise my expectation if we break back above 2.41
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My Best Regards
Technician
The overall long term trend for copper is still down. However for the short term , we have see an upside correction recently, however probabilities suggest that trading with overall trend is favored. And thus the recent pullback could be a good oppurtunity for another short.
Technically,
- A double top formation competed by breaking the neckline at 2.376
- 0.786 retracement for the latest bearsih wave acted as a reisstance
- Short term rising trend line for the latest short term bullish wave was broken
- We might be heading to a sideways movement between 2.5-2.2
My targets at 2.317 , 2.225 . I would revise my expectation if we break back above 2.41
The countdown has started.. Check out The Forex Channel all-new coming soon page with a countdown timer to launch date, visit and subscribe at thefxchannel.com
My Best Regards
Technician
Trade ativo
Nota
I am holding to this short trade. I haven't seen stability above 2.41. So short remains active
Aviso legal
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