Copper Technical View
https://www.tradingview.com/x/VGpLAnZk/Copper Technical View:
- Short term copper looks bullish till it is able to hold above $4.0420. Key resistance now is at $4.3170. If prices are able to sustain above these levels we can expect the next resistance area in the supply zone around $4.4770.
- RSI is up at 59.92 which is adding to the bullish move.
- Intraday support is around $4.2830 and break below this level may see prices slip towards $4.2370-$4.2320 zone.
- Short term strategy is buy on dips around $4.2320-$4.2330.
- Weekly time frame indicates flat to bullish trend. Prices may move towards $4.3580 and key weekly resistance is at $4.6995. Break above these levels we can expect good upside move towards $5.0450 zone.
- A move above $5.1990 will lead to longer term bullish trend.
- On a Monthly time frame, we are moving in a swing bearish leg at present while the order flow is bullish. Only after a break below $3.9200 trend is expected to turn bearish. Monthly resistance is at $4.7035.
- Short term copper looks bullish till it is able to hold above $4.0420. Key resistance now is at $4.3170. If prices are able to sustain above these levels we can expect the next resistance area in the supply zone around $4.4770.
- RSI is up at 59.92 which is adding to the bullish move.
- Intraday support is around $4.2830 and break below this level may see prices slip towards $4.2370-$4.2320 zone.
- Short term strategy is buy on dips around $4.2320-$4.2330.
- Weekly time frame indicates flat to bullish trend. Prices may move towards $4.3580 and key weekly resistance is at $4.6995. Break above these levels we can expect good upside move towards $5.0450 zone.
- A move above $5.1990 will lead to longer term bullish trend.
- On a Monthly time frame, we are moving in a swing bearish leg at present while the order flow is bullish. Only after a break below $3.9200 trend is expected to turn bearish. Monthly resistance is at $4.7035.
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