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- Copper is Ready for a Strong Move
Copper is Ready for a Strong Move
Copper prices were trapped in a large triangle since the beginning of 2022, an uncertainty pattern. The pattern is almost complete, and we are likely to witness a strong move in either direction in September or early October. Any position should be considered after a breakthrough and retest of the resistance or the support of the triangle to avoid false moves. A target to the downside is seen at $5800 per ton, and an upside target is at $11,200 per ton. The demand for copper is largely linked to economic growth, and may signal a priority to the downside, but this is not certain in the current economic situation. However, you can limit your risks by putting a stop-loss at $9,000 in case of a short position, and at $7,700 in case of opening long trade.
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