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Copper Weekly Forecast: Signals and Thresholds to Watch

Copper Weekly Forecast: Signals and Thresholds to Watch

2020-01-10 15:01:00
Mahmoud Alkudsi, Analyst
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Copper Technical Outlook

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Copper Price – Buyers Pullback

On Dec 27, Cooper rallied to $6.266 – its highest level in nearly seven and half months. However, the price declined after as some buyers took profit. On the following week, buyers resumed taking profit operations and this led Copper to close on Friday with a 1.3% loss.

The relative Strength index (RSI) remained flat above 50, highlighting paused uptrend momentum.

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Copper DAILY PRICE CHART (May 19, 2018 – Jan 10, 2020) Zoomed out

Copper daily price chart 10-01-20 zoomed out

Copper DAILY PRICE CHART (May 6 – Jan 10, 2020) Zoomed In

Copper daily price chart 10-01-20 zoomed in

Looking at the daily chart, we notice on Dec 10 Copper broke above the downtrend line originated from the April 17 high at $6.607 then rushed to a higher trading zone $6.084 - $6.303.

A close below the low end of the zone may lead more buyers to exit the market. This could send the price towards $6.012. Further close below this level opens the door for sellers to take charge and press towards $5.519. Although, the weekly support level and area marked on the chart (Zoomed in) should be considered as some market participants could exit their trades at these points.

On the flip-side, a close above the high end of the zone may encourage buyers to push the price towards $6.607. Nevertheless, the weekly resistance levels underscored on the chart should be monitored.

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Copper Four-HOUR PRICE CHART (Aug 6 – Jan 10, 2020)

Copper four hour price chart 10-01-20

From the four-hour chart, we notice on Jan 2 Copper corrected its uptrend move and carved out a lower high at $6.233. Since then, the price has moved in a sideways move creating lower highs with higher lows. Today, Copper tested again the uptrend line originated from the Dec 3 low at $5.807. Any violation to this line today may send the price towards 6.089.

A break below $6.073 could mean more bearishness towards $6.017. Yet, the support level located at $6.046 should be kept in focus. On the other hand, a break above $6.227 could cause a rally towards $6.303. Although, the daily resistance level underlined on the chart would be worth monitoring.

See the chart to know more about the key technical levels in a further bullish/bearish move.

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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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