Copper Futures–-Copper futures in the September contract settled last Friday at 2.6940 while currently trading a 2.7765 up about 800 points for the trading week hitting a 2 month high.
I have been recommending a bullish position from around the 2.7130 level as this trade was stubborn for a couple of weeks, but now has truly broke out to the upside and if you took the trade place the stop loss under the contract low standing at 2.6000 as the chart structure will start to improve in next week’s trade therefor the monetary risk will also be lowered.
Copper prices are trading above their 20 day but still below their 100 day moving average which is just an eyelash away 2.8000 as I think that will be broken in next week’s trade with the possibility of retesting the contract high which was hit on April 17th at 3.0080 in my opinion.
At the present time I have bullish recommendations in silver and platinum as the precious metals look to continue to move higher so stay long & place the proper stop loss as there is still room to run to the upside in my opinion as these trends are very strong.
CHART STRUCTURE: SOLID
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