Today, High Grade Copper futures gapped up (see Intraday chart below) and broke the the #2 point at 3.069 of the 1-2-3 bottom formation we have been watching. See our previous post: High Grade Copper Futures Form 1-2-3 Bottom
We purchased a 310 strike price July 2014 Call option for $2,037.50. This option expires on 6/25/14. Our initial target is the 50% Retracement on the July Daily chart of 3.13. If prices shoot past that level, we next will look to reach the 50% Retracement level of 3.20 as shown on the Weekly chart (see below).