Copper's Bullish Momentum: Key Levels and Fibonacci Targets

Copper's Bullish Momentum: Key Levels and Fibonacci Targets

Analysis: The chart displays the 4-hour price action of Copper (CFDs on Copper) with several key indicators and annotations. The price has recently broken out of a consolidation phase, indicated by the Break of Structure (BOS) and Change of Character (CHoCH) annotations. The price is currently in an uptrend, evidenced by higher highs and higher lows.

Key Levels:

Resistance Levels: 4.33718, 4.33718

Support Levels: 4.19412, 4.08290, 4.01726

Fibonacci Retracement Levels: 0.382 (4.27901038), 0.5 (4.254595), 0.618 (4.23017962), 0.705 (4.21217845), 0.786 (4.19541874)

Indicators:

Volume Profile: Shows significant volume accumulation around the 4.19412 level, indicating strong support.

Relative Strength Index (RSI): Currently at 75.60, suggesting overbought conditions but also indicating strong bullish momentum.

Buy Strategy:

Entry: Enter a long position at the current price level (4.34107) or on a pullback to the 0.382 Fibonacci level (4.27901038).

Take Profit 1 (TP1): 4.33718 (58 pips)

Take Profit 2 (TP2): 4.40000 (589 pips)

Stop Loss (SL): 4.19412 (147 pips)

Sell Strategy:

Entry: Enter a short position if the price breaks below the 4.19412 support level.

Take Profit 1 (TP1): 4.08290 (111 pips)

Take Profit 2 (TP2): 4.01726 (177 pips)

Stop Loss (SL): 4.254595 (60 pips)

VIP Signal:
Buy: 4.34107
TP1: 4.33718 (58 pips)
TP2: 4.40000 (589 pips)
SL: 4.19412 (147 pips)

Sell: 4.19412
TP1: 4.08290 (111 pips)
TP2: 4.01726 (177 pips)
SL: 4.254595 (60 pips)
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This analysis leverages Price Action, Smart Money Concepts (SMC), and ICT Elliott Wave strategies to provide comprehensive buy and sell strategies. The identified levels offer optimal entry and exit points for traders.

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