Copper (XCUUSD): Catching Bearish Wave

12 Oca 2020

hey traders,

I really like copper chart :)

from a technical perspective, we have a very nice conjunction of multiple selling signals.

first of all, on a daily the market is currently standing on a strong structure resistance.
moreover, after a strong bullish rally, the market has perfectly stoped on the underlined level with rsi showing clear divergence.

in addition to that, on a daily we see a completed bearish abcd pattern.

The last thing to short the market is the confirmation on a lower timeframe!

on 4H I am focused on a bearish flag formation.
bearish breakout of it will be a perfect signal to short the market.

the initial target will be 2.75
the second target will be 2.71

stop will be above the highest point within the flag.