Copper Prices Hit A 6 Month High

07 Nov in Blog, commodity trading, copper futures, futures trading, gold futures, Mike Seery, palladium futures, platinum futures, seeryfutures, silver futures

Copper Futures--- Copper futures in the March contract is trading higher for the 11th straight trading session which has been a remarkable run to the upside hitting a 6 month high currently trading at 2.30 a pound continuing its torrid pace to the upside as I'm currently sitting on the sidelines as the chart structure is terrible at the present time.

Copper prices are trading above their 20 and 100 day moving average telling you that the short-term trend is higher, however prices are engrossed in an extreme overbought condition so I will wait for some type of price pullback therefore lowering monetary risk as the 10 day low stands at 2.10 risking $5,000 per contract plus slippage and commission which is way too high in my opinion.

At the current time I'm recommending a bullish position in silver as I think the precious metals will start to move higher especially after the election which is tomorrow as trading is all about risk/reward and its not in your favor at the present time so keep a very close eye on this market as we could be involved in a bullish position possibly later this week once the 10 day low is raised to a level which is satisfactory: HIGHER –CHART STRUCTURE: TERRIBLE

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