Trade Idea: Bearish Reversal
Copper price has once again bounced back to the final resistance level (the 3rd time). Since mid September, price has been trading in abearish channel , supported by poorer & poorer data coming out of China. Look for a potential reversal as the market resume pricing in poor economic datas coming from China, trade war dispute & global decline in investments & confidence.
Trade Step-up: Short
Scenario One: Price rejects a break from the final resistance level . Look to profit at 2.6500
Scenario Two: Price reverses and continues its reversal all the way to key support level . Look to profit below 2.5800.