Copper 1D Long – Targeting 0.5-0.6 Fibonacci LevelsCopper is showing signs of a potential bullish move on the daily chart. The setup suggests a possible retracement before a continuation to higher levels. We’re targeting the 0.5 to 0.6 Fibonacci retracement levels, with price targets set between 4.5000 and 4.7000.
Technical Analysis:
• Fibonacci Levels: The 0.5 to 0.6 Fibonacci retracement levels align with previous resistance areas, making them key targets for this move.
• Trendline Breakout: The price has broken through a descending trendline, signaling a potential shift in momentum to the upside.
• Retest Expectation: We might see a retest of the breakout level before the price resumes its upward movement.
Trade Setup:
• Entry: Enter a long position on a potential retest or near the current level, anticipating further upward movement.
• Target: The primary targets are the 4.5000 to 4.7000 range, which aligns with the 0.5-0.6 Fibonacci levels.
• Stop-Loss: Remember, this is a swing trade, so it could take a few days to potentially extend to weeks. It’s important to understand this trading style and adjust your position size accordingly to accommodate the longer timeframe and potential market fluctuations.
This Copper trade leverages a potential shift in trend with clear targets and risk management strategies. Keep an eye on the retest for a better entry, and stay focused on the price action as it develops.
Note: Please remember to adjust this trade idea according to your individual trading conditions, including position size, broker-specific price variations, and any relevant external factors. Every trader’s situation is unique, so it’s crucial to tailor your approach to your own risk tolerance and market environment.
