Looking To Buy Copper On Breakout

Copper Futures---Copper futures in the December contract is trading higher by 70 points breaking a 2 day losing streak currently trading at 2.596 a pound still stuck in an 11 week consolidation looking to break out to the upside in my opinion.

Copper prices are trading above their 20-day but still below their 100 day moving average which stands at 2.64 and could possibly be touched in next weeks trade as the true breakout stands at 2.64 on a closing basis only as then I would place the stop-loss under the 3-year low standing at 2.4800 as the risk would be around $4,000 or $2,000 per mini contract plus slippage & commission as the chart structure remains outstanding due to the low volatility.

The S&P 500 is right near all-time highs as the U.S economy is the envy of the world as I think that will start to support copper prices in the coming months ahead as I see no reason to be short at these depressed prices as the commodity markets across the board looks to move higher as I'll keep a close eye on this market as we could be involved in the coming days ahead.

TREND: MIXED

CHART STRUCTURE: EXCELLENT

VOLATILITY: LOWER

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