Copper is extending the Pitchfork uptrend channel bounce
In this article, we are drawing Pitchfork channels on Copper
On the monthly Copper chart, we can see that the instrument has bounced off the 250 level which is a long-term uptrend Pitchfork channel support. This bounce could lead to a mid of the first channel half 350 level.
Using Andrews Pitchfork tool hint: to plot Andrew’s Pitchfork on a chart, first, look for three consecutive big highs or lows at the asset’s price. These key points are highlighted in the chart below.
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We have used the combination of the top-down trading analysis and the Andrews Pitchfork channels to get to a trading entry stop loss levels and targets indicated below.
On the Weekly chart, the pair formed an uptrend Pitchfork channel and we have a hard break of the 290 mid-channel line with a pullback retest. By a trading perspective, look for the long trade entries with the stop loss below the 285 level targeting 310 level first, and in a case of a daily close above this level look for the extreme extension higher into the 330 level. Downside invalidation will come on a stop loss trigger and a daily close below the 285 level.
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