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Copper (HG) Price Outlook: May Rally To Weekly Resistance As Support Holds

Copper (HG) Price Outlook: May Rally To Weekly Resistance As Support Holds

Mahmoud Alkudsi, Analyst
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Copper Price Outlook

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Copper – Correcting Lower

On Sep 13, Copper rallied to $5,979 – its highest level in over six weeks. However, in the following day the price slipped and settled below $5,900 handle. Last week, price continued trading lower and closed the weekly candlestick with nearly 3% loss.

Alongside this, the Relative Strength Index (RSI) remained flat nearby 50. On Friday, the oscillator crossed below 50 putting an end to the bullish momentum.

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Copper DAILY PRICE CHART (July 4, 2018 – Sep 23, 2019) Zoomed out

Copper price daily Chart 23-09-19 Zoomed out

Copper DAILY PRICE CHART (July 15 – SEp 23, 2019) Zoomed In

Copper price daily Chart 23-09-19 Zoomed in

Looking at the daily chart, we notice on Tuesday, Copper fell to a lower trading zone $5,726 - $5,856. Today, the metal opened with a gap to the downside then rebounded nearby the low end of the zone.

Hence, a close below the low end of the zone could see Copper trading even lower towards $5,463. Although, sellers would need to pay a close attention to the weekly support area and levels underscored on the chart (zoomed in).

That said, any failure to close below the low end of the zone could reverse the price direction sending it higher towards the high end. Further close above the high end may push Copper towards the vicinity of $5,975-79. However, the weekly resistance area and level marked on the chart should be watched closely.

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COPPER Four-HOUR PRICE CHART (Sep 2- SEP 23, 2019)

Copper price four hour chart 23-09-19

From the four-hour chart, we notice since Sep 17 Copper has been losing value creating lower highs with lower lows. On Friday, the metal carved out a higher high $5,841 then resumed bearish price action.

Thus, a break below $5,658 could lead the price towards $5,574. Although, the weekly support level underlined on the chart should be considered. See the chart to know more about lower support levels the price would encounter in a further downtrend move.

On the other hand, a break above $5,810 may send the price towards $5,911. However, the high end of the aforementioned trading zone should be kept in focus. See the chart to find out more about higher resistance levels the price would face in a further uptrend move.

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.