Copper reacts after bullish engulfing forms

11 Jul 2019

XCUUSD

Trade Ideas

Copper (spot) - Intraday - We look to Buy at 2.6650 (stop at 2.6450)

Although an initial dip was posted, buyers emerged and follow through bullish momentum resulted in all the previous day's losses being overturned.
Trading inside the Daily Ichimoku Cloud. Price action has posted a bullish Engulfing Candle and is positive for short-term sentiment.
The reaction higher is positive and highlights a clear reversal.
Further upside is expected although we prefer to set longs at our bespoke support levels at 26650, resulting in improved risk/reward.

Our profit targets will be 2.7250 and 2.7500

Resistance: 2.7000 / 2.7250 / 2.7500
Support: 2.6650 / 2.6500 / 2.6150