Our Call Option Now In The Money After Copper Surges

Our 310 strike price July High Grade Copper Call option is now in-the-money as High Grade Copper futures for July shot up today and now hover around 315 (see Intraday chart below).  We are long from 310 and since we have now surpassed our initial target of 313 (see our previous post: Going Long High Grade Copper on Breakout), we look to the 320 level which is the 50% Retracement Level on the weekly high grade copper chart (see Weekly High Grade Copper chart below).

Intraday High Grade Copper - July 2014Weekly High Grade Copper

 

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