Copper Potential Uptrend Breakout – Monday 14 Oct 2013 (8:31)
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.
Good luck with your trading.