On September 14th, I posted this commentary and recommendation about the December Copper. Soon after this was posted the market traded through the trigger price to elect the buy signal for a long position.
December Copper – Copper resumed the longer-term bullish trend after ending the four-day corrective pullback into a projected reversal swing date. The pullback ended on the September 13th reversal/reaction day after the market found support at the 20-day EMA and lower parallel line before reversing and trading higher for the remainder of day. The market is poised to continue higher into the next reversal/reaction date slated for September 20th, with a target objective where the median lines intersects with the down-sloping reaction line. Buy Copper at 349.55 stop, with a stop loss at 340.30.
- Copper continued to advance as it approached the September 20th reversal date. It traded abave the prior swing high (353.45) on September 17 and closed lower on September 20 and 21. The lower close, on the projected reversal date set up a new bullish reaction swing and continuation pattern. The new reaction swing was used to project two new reversal/reaction dates for September 20 and October 4 with a target objective at 366.50. The target was reached on September 29th for a 1695 gain in 11 days.
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