Copper Futures—Copper futures in the December contract is trading higher for the 3rd consecutive session up another 465 points at 3.1955 a pound hitting a 2 ½ year high continuing its bullish momentum as this trend is strong to the upside.
Copper prices are trading far above their 20 and 100 day moving average as this trend continues to accelerate on a weekly basis as the housing market in the United States is extremely strong therefore demand for copper at the present time remains high as I still do not believe a top has been formed.
At the current time I’m not involved, however I do believe the entire precious metal sector is headed higher as I am keeping a close eye on gold and silver as I see no reason to be short copper and if you are long a futures contract continue to place the stop loss under the 10-day low which stands at the 3.03 level as an exit strategy.
The next major level of resistance is between the 3.30 / 3.50 level as there is still room to run to the upside as the volatility could even increase exponentially as historically speaking copper can have crazy price swings on a daily basis.
CHART STRUCTURE: POOR
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