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Copper Price Looking to Re-Coup Recent Heavy Losses

Copper Price Looking to Re-Coup Recent Heavy Losses

2019-06-10 15:30:00
Mahmoud Alkudsi, Market Analyst
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Copper Price Forecast, Charts and Analysis

  • Copper eying Chinese industrial production data due to at the end of this week.
  • Copper price, pausing the downtrend.

Did we get it right with our various forecasts? Find out more for free from our Q2 USD and main currencies forecasts

To learn more about data releases for this week check outDailyFX Economic Calendar

Copper Price – Looking to Correct Higher

On May 29, Copper broke below the Jan 14 low at $5,878. The price continued to trade lower and on May 31, the monthly candlestick closed nearly 9.2% lower at $5,831.

On Jun 5, Copper carved out a lower high at $5,904, however the price slipped back erasing the previous days earnings and printed on Jun 7 its lowest level in nearly five months at $5,742.

The Relative Strength Index (RSI) abandoned the oversold territory on Jun 5 and pushed towards 34 reflecting signs of weakness in the bearish momentum.

Having trouble with your trading strategy? Here’s the #1 Mistake That Traders Make

Copper DAILY PRICE CHART (FEB 24, 2019 – JUn 10, 2019) Zoomed In

Copper price daily chart 10-06-19 Zoomed in

Copper DAILY PRICE CHART (May 2, 2017 – JUn 10, 2019) Zoomed OUT

Copper price daily chart 10-06-19 Zoomed Out

Looking at the daily chart we notice copper on Jun 7 failed to test the low end of the current trading level ($5,726 – $5,970) and created a noticeable wick indicating hesitation from the bears to push the price lower.

A close above $5,970 suggests a rally towards $6,088. Although, daily resistances at $6,010 the May 28 high and the 61.8% Fibonacci retracement at $6,063 need to be kept in focus.

In turn, any close below $5,726 could mean more bearishness towards $5,463. However, the weekly supports at $5,670, the Jun 21-17 low at $5,630, the Jun 6 -17 low at $5,653 and the May 18 -17 low at $5,486 should be watched along the way.

Just getting started?See our Beginners’ Guide for FX traders

Copper Four-HOUR PRICE CHART (May 8, 2019- JUN 10, 2019)

Copper price 4H chart 10-06-19

Looking at the four- hour chart, we notice that bulls are trying today to take the initiative and push the price above the downtrend line originated from the May 28 High at $6,010. If copper breaks above the JUN 5 peak at $5,904 it may rally towards $5,970. Weekly resistance level at $5,947 would be worth monitoring.

On the other hand, we notice the price on Jun 7 rebounded from $5,742. Therefore, any break below this threshold could send the price towards $5,726. A further break below $5,726 could mean more bearishness towards the weekly support at $5,670.

Looking for Copper trading strategies and tips? Find out more in: How to Trade Copper ?

Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkudsi

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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