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.
Janne Muta
Chief Market Analyst
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About Janne Muta, HotForex’s Chief Market Analyst
Janne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.
Traders and fund managers from around the world have benefited greatly from Janne’s technical analysis methods. The indicators and price action based trading models he has developed, have, after rigorous testing, proven to be invaluable in identifying high probability trades.
“My mission is to help you to become a confident and successful trader”
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