Here Is My Copper Trade

Copper Futures---Copper futures in the December contract is trading higher for the 3rd consecutive session up 120 points at 2.6480 a pound as prices are right near a 5 week high as I will be recommending a bullish position if prices close above 2.6400 on a closing basis while then placing the stop loss under the contract low which was hit on September 3rd at 2.48 as the risk is $4,000 per contract or 2,000 per mini contract plus slippage and commission.

If you have been following any of my previous blogs you understand that I've been keeping a close eye on this market as we've been stuck in a tight consolidation pattern over the last 3 months and it looks like we're finally breaking out to the upside as prices are now trading above their 20 and 100 day moving average telling you that the trend has turned higher.

The next major level of resistance is at the 2.70 area as that could possibly be tested in this week's trade as the U.S stock market continues to climb higher and I think that is supporting copper prices so play this to the upside as the chart structure will start to improve in next week's trade will be lowered.

TREND: HIGHER

CHART STRUCTURE: IMPROVING

VOLATILITY: AVERAGE

If you are looking to contact Michael Seery (CTACOMMODITY TRADING ADVISOR) at 1-630-408-3325 as I will be more than happy to help you with your trading or visit www.seeryfutures.com

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