COD - Looking InterestingCOD is expected to continue higher as it broke out of the Pennant with very High Volume and MACD is also Bullish!! It got support right at the POC of Volume Profile and bounced off giving a bullish closing. I am bullish COD and expect to move higher. My trade plan is given below:
TP - $0.480 (Potential gain 16%)
Stoploss - $0.300
Please note these are my own notes, by no means trading advice. Please do your own research before entering into any trade.
COD
Copper huge long opportunity!If weekly candle closes at 2.67+, the weekly downtrend ( from 2013 !!) will be broken, and with the 4H stoch-rsi turning up, its very possible. The weekly Stoch RSI is also turning back up, so momentum is yet to come. Daily indicators are neutral.
Right now, the big resistance area is obviously 2.74. IF we pass this level the algo's will probably pop it to $2.8+ very quick. Copper has been consolidating between $2.5-2.7 for the last 2 months and looks primed for a breakout to $3.
Combined with Trump's pledge for more infrastructure and his wall, demand will only go up. Short term, union workers at BHP Escondida, the world's largest copper mine in Chile, are also likely to strike next week over their low pay, which would be a catalyst for the breakout (thru supply disruption). Here is an article about it: www.mining.com
Am currently long 5 contracts but might reduce because of possibly scary weekend gap. Good luck :)