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Copper Prices Fail to Make New Highs

Copper Prices Fail to Make New Highs

2016-12-09 15:16:00
Walker England, Forex Trading Instructor
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Talking Points:

  • Copper Prices Fail to Make New Highs
  • Intraday Breakouts Begin Above 2.6413
  • Weekly Highs for Copper are Found at 2.6963

Copper prices are attempting to breakout higher this morning, after declining for the last three consecutive sessions. While today’s upswing in price has brought the commodity back into positive territory for the week, the commodity is still considered to be technically consolidating on the daily chart. So far Copper prices have not exceed last week’s high of 2.7354. While this does not invalidate the metals ongoing uptrend, it does technically put directional trading on hold until copper prices breakout.

Copper Price, Daily Chart and Consolidation

Copper Prices Fail to Make New Highs

(Created Using TradingView Charts)

Technically, Copper prices are now testing resistance found at 2.6413. This point is represented graphically as today’s R4 Camarilla pivot, and a move above suggests that the commodity is breaking out higher intraday. If prices continue to push higher, traders may look for the metal to first trade back towards the weekly high at 2.6963, and then potentially the value of daily resistance mentioned previously.

In the event of a bearish price reversal, Copper prices should first be seen declining back beneath today’s R3 pivot at 2.6254. A move of this nature would at least temporarily nullify any early bullish momentum, and allow traders to start targeting a price move towards support. Support values include both the S3 and S4 pivots found at 2.5941 and 2.5776. It should be noted that if Copper prices trade below 2.5776, the commodity would set to conclude this week’s trading a new weekly lows.

Copper Price, 30 Minute Chart with Pivots

Copper Prices Fail to Make New Highs

(Created Using TradingView Charts)

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

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