Copper is preparing for the breakout
Copper is setting for a breakout after a record high for the PMI index from ISM, published on Monday. That might be a game changer for commodity markets, as it might point to a production recovery and give relief against the recession narrative.
Some commodity markets are already moving (such as Crude oil, Gold, or Cocoa), while others are consolidating around possible intermediate-term dips.
Copper emerged from a trading range not so long ago, and after having retraced to the 20-day moving average, displays a strong responsive buying activity.
So, one may consider a momentum trade with a further expansion, as shown in the chart.
Manage your risk at all times!
Some commodity markets are already moving (such as Crude oil, Gold, or Cocoa), while others are consolidating around possible intermediate-term dips.
Copper emerged from a trading range not so long ago, and after having retraced to the 20-day moving average, displays a strong responsive buying activity.
So, one may consider a momentum trade with a further expansion, as shown in the chart.
Manage your risk at all times!