Copper is bullish on its 1D technical outlook (RSI = 59.350, MACD = 0.033, ADX = 19.471) as it is at the top of the 2023 Channel Down, but having failed to cross over it, opens the way for a big decline in the first quarter of 2024. As you can see the Channel Down that started last January looks very similar to the one in 2012/13. Both emerged after a Global peak and then rejection to an oversold 1W RSI bottom.
It is very interesting how similar the ranges are, both Channel Down bearish legs have been around -18.50%. We are turning bearish on the most optimal technical level and aim for another -18.50% decline (TP = 3.2500) or up when the 1W RSI gets oversold (under 30.000).
See how our prior idea has worked:
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