I advocate simple trading. Some fundamental, some technical. Lots of boring. There's no glamour, no flashy coin exchanges, and few overnight millionaires. It takes a little time to see price moves come to life...but then wouldn't you also want to sit around lazying like a panda while making some cash? I'll tell you, the sweet bamboo is delicious.
Why on Copper?
Well, its one of those fun that has a base rate production cost. Whats that? It's when price is unlikely to go lower than a certain price because most miners will go out of business or at least have a rough go of it. So that's like fire sale pricing... and that break even price happens to be around $1.90 - $2.20. We're in the 3.20s now...but if we get back down to the 2.20s...back up the truck!
Ok, but lets talk about today...how can you make money now?
Technically nothing has really changed since my last update on copper . (I know, you were hoping for something more spectacular) We previously found support at 2.95 and resistance at 3.30. Your general stance with copper should be to look for buys and ride the market higher over time unless we see the start of a larger retracement that will take us to copper black Friday prices. In the last update I outlined several pull back levels which we retraced to and made a series of lower lows after a nice little rally from $2.95 to $3.30. In the past three days the H1 has formed higher lows around what for me is key support.
So what do I like? I like a buy at 3.20 or less. Check out my last posts on copper and you'll find the first long term target was $3.45 - $3.50 which is where I think we'll see the next resistance form.
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Note: All ideas expressed here are presented solely for learning and educational purposes only. Any gains or losses assumed by trading ideas presented by The Bad Panda are done so at your own risk.