Copper: 1D Channel Down. Short.

25 ott 2018

Copper (XCUUSD) is trading within a 1D Channel Down (Highs/Lows = -0.0144, B/BP = -0.0590) after having made a Double Top at 2.8400 (late Sep, early Oct). If the previous 2.6887 Lower Low and 1D support is crossed then HG1! should make a new 2.6600 Lower Low and attempt a break out. Otherwise the Channel Down will make a new Lower High near 2.7800 before it attempts to break the 2.6887 Support again. In any case the long term trend as suggested by 1W remains bearish (RSI = 43.931) so shorting every Lower High is the most optimal approach. Our TP is 2.6600 and 2.6000 in extension.