Opportunity in Copper (w/ Joe Perry) | Trade Ideas

TL;DR

Joe Perry recommends going long on copper at $290 with a target of $325, citing technical and fundamental factors.

Transcript

Welcome to Trade Ideas. I'm Jake Morel, sitting down with Joe Perry of Forex Analytix. Joe, it's great to have you back on the show. Thanks, Jake, glad to be back. So, let's get right into it today. What's your trade idea? I'm looking at copper right now on a daily chart primarily. And if you look back, going back to 2018, you can see that every ti... Read More

Key Insights

• 💹 Joe Perry's analysis on copper trade includes technical indicators like RSI, chart patterns, and harmonics.
• 🖐️ The correlation between copper, the Australian dollar, and China's economic data plays a significant role in Perry's trade thesis.
• 💪 China's economic data, particularly strong retail sales and stimulus plans, are crucial factors influencing copper prices.

Questions & Answers

Q: What technical indicators does Joe Perry use to support his bullish outlook on copper?

Joe Perry looks at the RSI, chart patterns like double bottom and pendant formations, and a small retracement as key technical indicators backing his bullish stance on copper.

Q: How does the correlation between copper and the Australian dollar affect Joe Perry's trade analysis?

Perry notes that the Australian dollar and copper are highly correlated, and a breakout in the Aussie could lead to a potential rise in copper prices, aligning with his trade thesis.

Q: Why does Joe Perry emphasize the importance of China's economic data in his trade analysis?

Perry highlights China's influence on copper prices, citing strong data releases and potential stimulus measures as driving factors that could propel copper higher with Australian dollar movements.

Q: What is the biggest risk to Joe Perry's copper trade recommendation?

The biggest risk Joe Perry identifies is a potential downturn in China's economic data, indicating a lack of demand and possible price decline in copper if the positive momentum falters.

Summary & Key Takeaways

• Joe Perry from Forex Analytix analyzes copper's potential trade setup, focusing on RSI, chart patterns, and harmonics.

• He highlights key technical indicators, including a pendant formation and a small pullback, supporting the bullish outlook.

• Perry mentions the correlation between copper, the Australian dollar, and China's economic data as additional factors influencing the trade.