Mar Copper (Update)

OI has moved to the March contract, so we pick up the same pattern as the Dec contract.  New lows were never put in and a wider time range will form if those lows are breached.  Therefore, there are no more buy zone set-ups at lower levels.  However, this market is bouncing off an early support zone.  It wasn't an area I was comfortable buying into so I wanted to either wait for a candlestick pattern to form, see lower prices form by Nov 14th, or play a bounce above the Nov 13th high.  I ended up getting long on Nov 19th a tick above the Nov 13th high ~ 3.5090 with a stop below the recent lows ~ 3.4140.  Our initial target is the 78.60 retracement area ~ 3.755.  This buy set-up follows the logic that Copper traded into the first buy zone, but it wasn't supported by other indicators yet.  My ideal choice was to buy at lower prices, but after a few days of trading sideways and not making new lows caused some other supporting indicators to form.  These other indicators are: bullish crossover on the MACD, a bullish engulfing pattern, and a close above the 10 and 20 DMA.  Our first obstacle will be the 6pt downward sloping trendline that lines up with the 50 and 100 DMA.  I expect selling at this level.