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Copper | Focus on Corrective consolidation in weekly chart

Traders must focus on the corrective consolidation (pullback) on weekly chart

After making new highs in the beginning of this year, a correction is intact on copper. Traders should focus on this corrective consolidation (visible clearly in weekly chart) to capture the next impulsive movement when price action expands out of the range. The correction we see now is a result of earlier upswing from 1.900 – 2.700. The movement we saw earlier indicates a change in market sentiment. It’s important to keep in mind that copper was in a long-term bear trend from 2012 – 2015. It ended with a slight gain on 2016. Performance of the copper depends on global growth expectations.

So speculators and traders must pay attention to global economic performance to gauge the supply and demand of copper. From the perspective of Price action, Traders must focus on the corrective consolidation (pullback) on weekly chart and take trades according to market behavior.

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About the Author:

Balaji is a Speculator, Investor and Trader (All in All!!!) and self published author. Trading in the Markets since decade, have seen more ups and downs along with institutional trader's lifestyle. He usually trades Nifty, Bank Nifty, Commodities, Futures cum Options around both Indian and global Markets. Balaji applies highly analytical and systematic Price Action strategies He blogs passionately about Trading strategies, Price Action Trading, Technical analysis, Macro events, Market setups, Financial and Economical topics. Apart from Trading and Blogging, Balaji also mentors aspiring Traders and Investors on becoming successful in highly competitive financial Markets.

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