Setup: The 4h chart shows a clean distribution top near 6.20 followed by a series of lower highs and accelerating selling. The 1h chart confirms the breakdown structure: price carved through the 6.05-6.08 support shelf that had held multiple tests over the past two weeks, with the last four bars showing sustained selling and a gap-down open from 6.051 to sub-6.00. Volume on the breakdown bars (Apr 28 02:00 onward) is the heaviest seen in days — 3044, 2019, 3077, 4966, 4405 — confirming this is not a thin-market drift but an aggressive directional move. Price is currently consolidating just below 5.98, which is the first minor reaction after the flush; the bounce has been shallow and unconvincing, consistent with a dead-cat structure.
Flow: Copper is down -1.71% on high volume as a macro risk-off trade, appearing across multiple bearish feeds. The broader environment has equities, metals, and rates all aligned bearishly with DXY marginally bid, adding commodity headwinds. HG is functioning as a macro barometer for global growth concerns, and the selling today is not idiosyncratic — it reinforces a cross-asset de-risking theme.
Plan: Stop is placed above the 6.00-6.005 area, which represents the consolidation base of the gap-down structure and the most recent resistance formed after the break — a close back above there invalidates the breakdown thesis. Target is the 5.87 area, which corresponds to the prior congestion zone from late March and represents roughly 3:1 reward on the move. A failure to continue lower within 2-3 sessions or any reclaim of 6.05 on a closing basis would prompt reassessment.
📍 Entry: 5.9745
🛑 Stop: 6.005
🎯 Target: 5.87
⚖️ R:R: 3.43
Flow: Copper is down -1.71% on high volume as a macro risk-off trade, appearing across multiple bearish feeds. The broader environment has equities, metals, and rates all aligned bearishly with DXY marginally bid, adding commodity headwinds. HG is functioning as a macro barometer for global growth concerns, and the selling today is not idiosyncratic — it reinforces a cross-asset de-risking theme.
Plan: Stop is placed above the 6.00-6.005 area, which represents the consolidation base of the gap-down structure and the most recent resistance formed after the break — a close back above there invalidates the breakdown thesis. Target is the 5.87 area, which corresponds to the prior congestion zone from late March and represents roughly 3:1 reward on the move. A failure to continue lower within 2-3 sessions or any reclaim of 6.05 on a closing basis would prompt reassessment.
📍 Entry: 5.9745
🛑 Stop: 6.005
🎯 Target: 5.87
⚖️ R:R: 3.43
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monk.trade — Trade setups and market intelligence
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.