#COPPER 4HThe copper market on the 4-hour chart is showing signs of a bearish trend, with a notable support level breakdown. This indicates weakening buying pressure, leading to a potential sell opportunity.
Key Insights:
1. Support Breakdown: The price has recently breached a critical support level, suggesting a shift in market sentiment from bullish to bearish.
2. Pattern Formation: Prior to the breakdown, a bearish pattern (such as a descending triangle or head and shoulders) was forming, hinting at a reversal or continuation of a downtrend.
3.Volume Confirmation: Increased selling volume at the time of the breakdown reinforces the potential for further downside movement.
4.Target Zones:
- Immediate downside targets lie at previous lows or Fibonacci retracement levels.
- If the selling momentum continues, a deeper decline could be anticipated, potentially testing major support zones.
5.Stop-Loss Considerations: A protective stop-loss above the broken support or the latest swing high is advised to manage risk in case of a reversal.
Trading Strategy:
Entry: Enter sell positions after confirmation of the support breakdown on the 4H chart.
Take Profit: Set take-profit levels at key support levels below the breakdown point.
Stop Loss: Place a stop loss slightly above the previous support (now turned resistance) or the latest swing high.
This technical analysis suggests that if the current conditions hold, selling #COPPER on the 4-hour timeframe could be a strong move for short-term traders.
