Timeframe: DailySetup:
Copper is currently testing a strong confluence zone at 6.20 – 6.26, which includes the ascending trendline and the 0.5 Fibonacci retracement.This area has acted as support previously and offers a favorable risk-reward for a long position, especially considering the broader intermarket context of physical tightness in the copper market.Entry Zone: 6.20 – 6.26Stop Loss: Below 6.10Target:
TP1: 6.50 (0.764 Fibonacci)
TP2: 6.65 – 6.70 (optional extension)
Rationale:
Clear technical support at the rising trendline + Fib level
Risk-reward looks attractive from this zone
Intermarket backdrop remains constructive for copper relative to other metals
Invalidation: Daily close below 6.10Manage risk carefully. This is a technical long with intermarket support.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.