Going Long High Grade Copper on Breakout

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).

Intraday High Grade Copper ChartDaily High Grade Copper chart - July 2014Weekly High Grade Copper

 

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