Copper (HG1!) has been trading within a 4-year Channel Up and the recent 1-month rebound on its 1W MA50 (blue trend-line) poses as a new sell opportunity based on the Bearish Leg occurrences of the pattern.
Having made a Higher High on January 26, the Bearish Leg hasn't yet hit its 0.618 Fibonacci retracement level, as it always had (4 times) on the previous Bearish Legs. All of them also hit the 1W MA100 (green trend-line).
As a result, we expect Copper to decline, targeting 5.0850.
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Having made a Higher High on January 26, the Bearish Leg hasn't yet hit its 0.618 Fibonacci retracement level, as it always had (4 times) on the previous Bearish Legs. All of them also hit the 1W MA100 (green trend-line).
As a result, we expect Copper to decline, targeting 5.0850.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.