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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

Trading the Trend: long copper

Since we believe that recent downtrend in the front month copper futures contract has probably ended within a major support zone, we would like to go long with a stop loss at 7,849 and an upside target around the 8,500 mark.

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(Video Transcript)

Long soyabeans looking profitable in future

Hello and welcome to this week's Trading the Trend on Wednesday 18 October 2023. At the end of September, we went long soyabeans, as you can see here, the front month futures contract, and we did so at around 1,322, but then the price of soyabeans continued to slide.

But we didn’t get stopped out because our stop loss was below the low seen back at the end of June, we placed it, I believe, at 1,245. So, we haven't been stopped out even though the soybean price continued to slide. And now that it is rising again, we're basically back to where we started this trade at.

So what I suggest you now do, because we've held three times in a row in this sort of support area, is to raise your stop loss level to just below the late June low at 1,256 and let this one run with regards to future potential profits.

Long the NASDAQ 100 worked out well

Last week, I went long the NASDAQ 100. And for those of you who didn't cash in any profits, because it straight away ended up with about 200, 250 points in profit, so that trade worked out really, really well.

For those of you who haven't gone out of it, you can let this one run, keep the stop for a longer-term position where it was beforehand, below the low at 14,430, the late September low, and just let this one run.

Or if you trade it in the shorter term timeframes, you can cash in your profits now. Or you could place your stop loss just below the last reaction low here, below 14,932, if you just wanted to hold it for the short-term and hope that the market continues to rise in the days ahead.

Long copper looks like a viable option

And this brings me to this week's Trading the Trend. Now, usually what we do with Trading the Trend is follow the direction of the trend. And that's the whole purpose of trend trading.
What I’d like to do this time is see an end of a trend and try to trade in the opposite direction.

And the reason is that I believe that the decline we've seen since the end of July is just an abc Elliott Wave correction, and that we've held once again, around the 7,800 area.

And we can see here, if I zoom out, that going back to January of this year, and even November of last year, every time we went down towards 7,900 to 7,850, the copper price held and then bounced off there.

So I expect a similar bounce to happen this time round, which is why I would like to go long copper around current levels around 8,035, with a stop loss though below the November lows at 7,849 and an upside target around the 8,500 area.

So, this week's Trading the Trend is to go long copper at around 8,035 with a stop loss at 7,849 and an upside target around the 8,500 mark.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

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