Copper Potential Uptrend Breakout – Monday 14 Oct 2013 (8:31)
If you like Emini-Watch then +1 it on Google+
Over the last few months we’ve had some nice long term trend change setups. Back in May the Aussie Dollar broke into a downtrend: Is the Aussie Dollar going to crash? Then in July Crude Oil broke into an up leg: Alert – Crude Oil Setup Long. Lately I’ve been warning the Euro is going higher: Commitment of Traders Euro Bullish.
Today, Copper looks like it’s ready to break.
The critical level is $3.33 – this is Resistance on both the weekly and daily charts. We’ve spent a lot of time basing around the $3.00 to $3.20 level and flushing out all the sellers. Now if we get the break there will be little upside resistance – all the sellers have sold.
Unfortunately, because of the US Government shutdown, Commitment of Traders data is not available for the last 2 weekends. It would be great to have another confirming data source.
In the meantime, I’m looking for a nice break and close above $3.33. This week looks critical – we’ve got all our ducks in a row. And we’re bouncing off two Professional bars on the daily chart. Let’s see what happens next.
If you’re reading this article via email or RSS reader, then follow this link to view the Copper Breakout video on the website. Good luck with your trading.