FxWirePro Short term Outlook: Sell Copper now with 1:2 risk/reward ratio

In a previous article, named, “FxWirePro: Sell copper at correction targeting $2.15 per pound”, available at http://www.econotimes.com/ , we recommended to our readers going short in the copper at the then current rate of $2.5 per pound and at rallies up to $2.65 per pound, targeting $2.15 per pound area.

While we stand by our call, we feel there is an excellent opportunity for short-term traders as well, for whom a longer waiting period to reach $2.15 may not be that palatable given the fact that bears are sure to find strong bullish force around $2.3 area, even if they are aiming for the suggested target. Hence we recommend with the same fundamentals like in the article above to go short in copper at the current rate of $2.65 per pound, with a stop loss around $2.73 per pound with a target of $2.48 per pound.