Xcuusd (Copper)
Copper - a little bit risky short on dailySeems like it's still short situation on daily TF. SL above 2.6, target -- 2.3 or lower.
COPPERXCUUSD is moving in a triangle.
In the period of instability investors seek refuge for their finances. It metals
Copper Short 2.530 Immediate Target 2.420Entry Price : 2.530
Target : 2.420
SL : Move to breakeven when it goes down.
Copper Expected to Strengthen - Long TermCopper Weekly – At the beginning of 2011, Copper made a directional change and has fallen more than 50% to date. However, with the copper demand growing, the commodity could be ready to make its next directional change in the coming months. China, the largest consumer of copper, is seeing its economy stabilising once again after suffering during the first half of the year. This had led to copper prices increasing over the last month and demand is expected to increase globally over the next four years. However, there is expected to be a large shortage for this growing demand and Citi Bank has predicted that this will lead to a 40% increase in copper prices. On the technical side, we would be looking for price to break out of the triangle, followed by a break of the $2.30 level. Copper prices along with other metals have had a weak final quarter for the past five years but this streak is highly expected to break this quarter. This would most likely mean a break of the triangle which would be a strong sign of a long term price increase. Alternatively, if price broke below $2, a strong decline would be expected.
