Copper Futures—Copper futures in the December contract is trading lower by 30 points at 2.6885 a pound in a very quiet trade as we await the 1pm Federal Reserve announcement on interest rates as we expecting a .25% cut which is pretty much expected, however if they do not cut rates look for a sell off in the whole precious metal sector.
I have been recommending a bullish position from around the 2.6440 level and if you took that trade the stop loss has been raised to 2.5770 which is the new 10 day low as the chart structure will improve on a daily basis as the chart structure is excellent due to the low volatility.
Copper prices are trading above their 20 & 100 day moving average as the trend is higher with the next major level of resistance at the September 16th high of 2.7065 and if that is broken I might be looking at adding more contracts to the upside as adding to winners while cutting losses is the way to trade over the course of time in my opinion.
CHART STRUCTURE: EXCELLENT
If you are looking to contact Michael Seery (CTA—COMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit www.seeryfutures.com
FREE TRIAL FOR THE LIMIT UP COMMODITY NEWSLETTER
If you’re looking to open a Trading Account click on this link www.admis.com
There is a substantial risk of loss in futures and futures options. Furthermore, Seery Futures is not responsible for the accuracy of the information contained on linked sites. Trading futures and options is Not appropriate for every investor.