Menu

Search

  |   Commentary

Menu

  |   Commentary

Search

FxWirePro Call Review: Sell Copper targeting $2.78 per pound

Early February, we warned our readers that copper could suffer a further decline as it declined steadily in five out of the six weeks since reaching $3.32 area in December. We warned that the next move downwards could come as a sharp selloff after the next bounce. Here is the link to the article, https://www.econotimes.com/FxWirePro-Copper-might-face-sharp-selloff-after-next-bounce-to-reach-278-per-pound-1140489

Since then, the copper has bounced back as anticipated to reach as high as $3.27 per pound. It has somewhat declined since and is currently trading at $3.18 per pound.

Trade idea:

We would like to urge our readers to go short in the Copper at the current rate of $3.177 per pound with the stop loss around $3.32 per pound and target of $2.78 per pound. Book 50 percent profit at the interim target around $2.88 per pound.

One point of caution that the larger trend still remains bullish.

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.