Pretty obvious continuation pattern (bearish pennant) forming within copper.
Short term- We formed a inverted hammer candle today at the ascending trendline hinting at a potential pullback to fib before breaking out. If we form a bullish candle tomorrow that'll confirm the sentiment and i'll likely take a short term long entry up to that key fib area.
Long term- I'm looking for a reversal around that key fib area mentioned above to short for a longer term trade. If we don't get that I'll just wait for a retest of resistance after a breakout.
The pattern is nearing the end so if it isn't confirmed soon it'll fail. Watching this one closely...there really isn't much else in the market at the moment.
Short term- We formed a inverted hammer candle today at the ascending trendline hinting at a potential pullback to fib before breaking out. If we form a bullish candle tomorrow that'll confirm the sentiment and i'll likely take a short term long entry up to that key fib area.
Long term- I'm looking for a reversal around that key fib area mentioned above to short for a longer term trade. If we don't get that I'll just wait for a retest of resistance after a breakout.
The pattern is nearing the end so if it isn't confirmed soon it'll fail. Watching this one closely...there really isn't much else in the market at the moment.