- Analytics
- News and Tools
- Market News
- Copper Price Analysis: Consolidates biggest daily losses in four months
Copper Price Analysis: Consolidates biggest daily losses in four months
- Copper struggles to extend the rebound from weekly low.
- 50-SMA, ascending trend line confluence challenge bulls, 38.2% Fibonacci retracement restrict immediate downside.
Copper retreats to $4.5835 while fading recovery moves from the weekly low as Friday’s European session begins.
In doing so, the red-metal steps back from 50-SMA level around $4.6000, also consolidating gains from 38.2% Fibonacci retracement (Fibo.) level of the monthly run-up.
Other than the $4.6000, a convergence of 23.6% Fibo. and ascending trend lines from October 14 and 06, around $4.6425-30, also challenge copper buyers.
Given the bull’s ability to cross the $4.6430 hurdle, the latest swing high near $4.7575 may probe the upside before highlighting the monthly peak of $4.8230.
Meanwhile, pullback moves may aim for a 38.2% Fibonacci retracement level of $4.5300 before October 12 tops near $4.3955 can return to the market’s attention.
Should copper sellers dominate past $4.3955, an ascending support line from the month’s start near $4.3170, will be in focus.
Overall, copper prices remain bullish but short-term pullback can’t be ruled out.
Price of copper: Four-hour chart
Trend: Further upside expected
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
