FxWirePro: Copper forms bearish Bat pattern, good to sell on rallies
Pattern formed- Bearish Bar pattern Potential Reversal Zone (PRZ) -2.95 Copper breaks the high of 2.733 and jumped till 2.752 at the time of writing. It is currently trading around 2.699. Copper prices jumped more than 2…
Copper breaks the high of 2.733 and jumped till 2.752 at the time of writing. It is currently trading around 2.699.
Copper prices jumped more than 20% in the past one month on account of increasing Chinese demand and decreasing ware house stocks.
On the higher side, major resistance is around 2.95 and any break above confirms minor trend reversal, a jump till 3.26 (127.2% retracement of 2.952 and 1.935)/3.630 in the short term.
The commodity next immediate support is around 2.54 (3- day EMA) and any break below targets 2.28 (10- day MA)/2 in the short term.
It is good to sell on rallies around 2.75-2.80 with SL around 2.95 for the TP of 2.28
