Copper Futures—Copper futures in the July contract are down 285 points at 2.8010 a pound after witnessing an extremely wild trading session yesterday rallying about 1000 points from session lows, however lower prices have come back into today’s action.
Copper prices are trading under their 20 & 100 day moving average as the trend is to the downside as prices are still hovering right near a 10 week low as I’ve been recommending a bearish position from around the 2.8240 level and if you took that trade the stop loss now stands at 2.9240 as an exit strategy. For the bearish momentum to continue we have to break yesterday’s low of 2.7415 in my opinion as the commodity markets remain bearish as a China trade agreement looks to have paused.
The chart structure will not improve for another 6 trading sessions so you will have to accept the monetary risk at this time. Volatility in copper at the present time is high as I don’t see that situation changing anytime soon as we are now starting to experience volatility in the stock market.
If you are involved make sure you have the proper amount of contracts while risking 2% of your account balance on any given trade and remember the copper market offers a mini contract as well which is half the size and half the risk.
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