Rajandran R Telecom Engineer turned Full-time Derivative Trader. Mostly Trading Nifty, Banknifty, USDINR and High Liquid Stock Derivatives. Trading the Markets Since 2006 onwards. Using Market Profile and Orderflow for more than a decade. Designed and published 100+ open source trading systems on various trading tools. Strongly believe that market understanding and robust trading frameworks are the key to the trading success. Writing about Markets, Trading System Design, Market Sentiment, Trading Softwares & Trading Nuances since 2007 onwards. Author of Marketcalls.in)

Copper COMEX Futures trading around the Support zone

50 sec read

Global commodities are taking the blood bath as Bloomberg #Commodity Index is down 8%(approx) since the mid of February 2017. So Metals and metals related stocks are taking a hit in the past few trading weeks. Copper Price often signals the strength of the global economy. Copper prices are currently trading around the pschological reference level 2.5$ and all momentum indicators are currently in a negative mode across daily, weekly and monthly timeframe.

Going forward choppiness is expected around the psychological reference as copper staggers around the psychological reference. Copper futures on the monthly charts are consecutively making lower lows and tested previous month low and got back into the range. It is expected that more choppiness can be played in this zone followed by a short term pullback.

Copper Monthly Charts

Weekly Charts are showing a outsidebar and trading around 17 week low the overall trend remains sideways as the copper price is balancing for the last 4 trading weeks.

Copper Weekly Charts

On the daily charts copper sentiment still holds negative and in the process of finding the support it is expect that copper could take 3-4 trading sessions to find solid support around 2.50$ and moreover copper is consecutively sliding for past 5 trading sessions. Shorter term pullback is expected towards 2.56$ and it could take anywhere around 10-15 trading sessions to arrive at that zone. Holding 2.50 pschological level remains the key for the pullback to happen.

Copper Daily Charts

Rajandran R Telecom Engineer turned Full-time Derivative Trader. Mostly Trading Nifty, Banknifty, USDINR and High Liquid Stock Derivatives. Trading the Markets Since 2006 onwards. Using Market Profile and Orderflow for more than a decade. Designed and published 100+ open source trading systems on various trading tools. Strongly believe that market understanding and robust trading frameworks are the key to the trading success. Writing about Markets, Trading System Design, Market Sentiment, Trading Softwares & Trading Nuances since 2007 onwards. Author of Marketcalls.in)

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One Reply to “Copper COMEX Futures trading around the Support zone”

  1. hi Ranjan,
    Thanks for the information but may i know what is the best way to start trading in internation market legally.

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