Vladimir RibakovOwner, Chief Trader at Home Trader Club (Former Traders Academy Club), Owner, Chief Trader at Home Trader Club (Former Traders Academy Club) · Owner, Chief Trader at Home Trader Club (Former Traders Academy Club)

Copper analysis & trading plan - 4 July 2024

4 Jul 2024 · 1 min

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Vladimir Ribakov breaks down why copper looks ready to rally. The daily chart shows a break above resistance and support from a large zone. The 4-hour chart displays a bullish MACD divergence, while the 1-hour shows three consecutive higher highs and lows, all pointing to upward momentum.

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Here is why I believe copper is a very interesting buy opportunity. On a daily chart, after breaking above the resistance, the price bounces back and holds the massive supportive zone. 4-hour chart creates a beautiful divergence combination from bullish hidden to classical MACD divergence. On the 1-hour chart, 3 higher highs, higher lows gives a sign of a bullish price action. I do believe on the short term bounces back to the downside are likely and possible, but after they happen, I would be after buy opportunities expecting further rallies. What do you think about copper? Let me know in the comment section.