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Copper Prices Trade to New Highs. Can the Rally Last?

Copper Prices Trade to New Highs. Can the Rally Last?

2016-11-07 13:55:00
Walker England, Forex Trading Instructor
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Talking Points:

Copper prices continue to rally, trading to a new monthly high this morning at $2.3112 per pound. This move is significant as it places Copper above the previous April 2016 high of $2.3008. Technically, this move may be seen as a continuation of a bullish trendline breakout sustained late in the month of October. Traders should note however, for the current Copper trend to remain intact, price must next exceed the March 2016 high $2.3252. In the event of a bullish breakout above this point, traders may begin looking for Copper prices to rise towards next resistance of $2.4370.

Copper Prices, Daily Chart Range

Copper Prices Trade to New Highs. Can the Rally Last?

(Created Using TradingView Charts)

If copper prices fail to breakout to new highs, it may suggest that the metal is in a broader consolidating pattern. In this scenario, traders may look for copper to turn near present levels and descend back towards values of daily support. The support zone depicted above include a series of lows near the April 2016 low of $2.0695. In the event that prices trade to support, a bounce in price would again suggest that Copper is consolidating in an ongoing range.

In the event of a turn lower, traders should watch for a bearish breakout below $2.0695. A decline to this point open up Copper prices to retest the June low of $2.0120. Any move in prices beyond this point would expose current yearly lows at 1.9360, and suggest that the commodity is beginning a fresh daily downtrend.

--- Written by Walker, Analyst for DailyFX.com

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