Copper broke above the Median line of the long-term uptrend Pitchfork channel
The Monthly Copper chart shows that instrument has broken above Andrew’s Pitchfork long-term uptrend channel median line 4.26. We are seeing a pullback for a retest of this level and this is a support for the uptrend continuation to an all-time high again. A break below this level would to a deeper retracement into 3.50.
On an H8 chart, we can see a new downtrend Pitchfork channel formed and we can see that the instrument price action is reacting from 4.30 upper channel resistance. A break below the 4.25 which is also the consolidation triangle downside resistance will lead to a downside channel swing. A break above 4.32 will lead to an extension higher to levels mentioned by looking at the monthly chart. You can take a long or short trade entry based on the price action-reaction of these levels.
We have used the combination of the top-down trading analysis to get these key levels explained in the charts. To learn more about Andrews’s Pitchfork tool trading strategy register for education.
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