I have had a bullish bias on copper for some time, check the linked chart. After a false break below 3.0000, things looked good for copper, and a small uptrend emerged. Now, this uptrend is correcting, and it seems like the correction is ending, and bearish momentum fading. The problem is that around 3.000, there is a strong resistance area, and placing a stop is tricky, and I have no answer for that, I would just go with my gut. Another option would be to wait for a strong day, and place the stop below this swing low. If my account would allow me, I would buy a very small quantity of copper right now, and then add when there is a strong day.
The weekly chart is forming another bullish divergence, but for now there is no confirmation, so the weekly is in stand by mode.
The weekly chart is forming another bullish divergence, but for now there is no confirmation, so the weekly is in stand by mode.
