$CT - New copper futures contract, pulled straight from 0.397 up to 0.532, with bullish momentum pushing typical lows.
Right near the opening, there is a candle that rises from 0.397, then surges strongly with volume, pushing up to 0.53185; the upper wick at the peak is very clear, and the volume is mainly concentrated in the sharp spike up there. After that, it retraces back around 0.52 but cannot hold. Currently at 0.480 it is still moving down, while both momentum and volume have shrunk. After a short-term upswing, the momentum gradually weakens, as if digesting at high price levels; there are still no signs of a second main uptrend wave. If it cannot break above 0.51, it is likely to continue falling to find 0.46 and the low at the time of the open.
Support zones: 0.460 / 0.420 / 0.397
Resistance zones: 0.510 / 0.532
Personal view: Short selling
Entry: Retrace into the 0.500-0.515 zone, split entries to get in
Stop loss: 0.545
Take profit: Target 1 is 0.460, target 2 is 0.420; in the most extreme case, it may be worth looking around 0.323.
For the two positions ahead, reduce the position size a bit. If 0.460 breaks through, you may consider adding a little more, but you must control volume; when the new contract lists, market psychology is still not fully gone—don’t go all-in.
Right near the opening, there is a candle that rises from 0.397, then surges strongly with volume, pushing up to 0.53185; the upper wick at the peak is very clear, and the volume is mainly concentrated in the sharp spike up there. After that, it retraces back around 0.52 but cannot hold. Currently at 0.480 it is still moving down, while both momentum and volume have shrunk. After a short-term upswing, the momentum gradually weakens, as if digesting at high price levels; there are still no signs of a second main uptrend wave. If it cannot break above 0.51, it is likely to continue falling to find 0.46 and the low at the time of the open.
Support zones: 0.460 / 0.420 / 0.397
Resistance zones: 0.510 / 0.532
Personal view: Short selling
Entry: Retrace into the 0.500-0.515 zone, split entries to get in
Stop loss: 0.545
Take profit: Target 1 is 0.460, target 2 is 0.420; in the most extreme case, it may be worth looking around 0.323.
For the two positions ahead, reduce the position size a bit. If 0.460 breaks through, you may consider adding a little more, but you must control volume; when the new contract lists, market psychology is still not fully gone—don’t go all-in.
