Today is Saturday, February 23rd and we are summing up the 8th trading week.
Open positions at the current moment:
long position in Copper, 2 contracts.
Copper. Let me remind you, there was a setup for buy at 01/20. Copper has good support on level 260. Net positions of Commercial at the time of formation of the setup were above zero. At the 3-year history, we see that this situation was only in 2016. Also Copper at the moment has a strong bullish seasonal factor. The idea of copper is slowly being implemented.
The first attempt to entry the copper was in early February. There we fixed a profit of $ 1725. The second entry into a long position was unsuccessful and we fixed a loss of 1975. On Thursday, we passed to a new contract (May) and fixed a profit of $ 5100. About new contracts, we plan to close from one contract at 295.45. And we plan to keep the second contract on a three-bar stop. At the moment we are planning to buy more copper if we see interesting corrections in copper. Stop on open positions set under 19/01 and we’ll be watching the copper next week.
If you look at all the copper contracts, you can see that all volumes are still on the March contract, but the open interest is falling, i.e. there is a transition to a new contract. In addition, the March contract is trading with a premium. We believe that is the transition to the March contract. We expect that on Monday-Tuesday all volumes will be already on the May contract.
Summing up the week (TW08):
Copper Profit $ 5100.
Tomorrow we will plan our trading for the next week.
Insider Week team
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