In this article, we will share top-down trading technical analysis for the Cooper.
On the monthly COOPER chart, we can see that the instrument is being rejected by the 330 level which is also SMA (100) monthly, and it is breaking below the recent strong upside resistance broken, now a downside support 295 level. This is a significant break and could lead to a deeper pullback into the long-term uptrend line intersection 244 level. The soft resistance now is WMA (55) 284 level. A daily close below this level would gave a higher probability of the downside continuation.
The weekly Cooper chart is revealing the significance of the mentioned key 285 downside resistance now. From a monthly chart we know that this is the WMA (55) level and here it is close to SMA (200) 278.66 level. Also, we have here the Fibonacci 50% retracement level of the Nov 15-Nov 17 swing higher. Now we have a downside resistance zone spanning form the 276-286.
By using our top-down trading technical analysis we have identified the key levels which will be your triggers for trading entries in this instrument upon an important downside break below the 291 level. Preferred entry is a short trade at the open of the Asia session tonight with the stop loss above the 295 level targeting 265 level at least. With the 1 standard lot you can have around 5500$ of the profit (550% on 0.10 mini lot).
Happy trading! (click on the chart to enlarge it)
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