The price of copper has returned to push upward after the December collapse. This happened because of tensions between the US and China. The price rebounded after it touched the key support set at $ 2.53 in the last week of 2018, registering the minimum of the last two years. With strength recovering all the descent and returning close to the key level set at $ 3.00 an ounce. This price, for months supported it making it lateralize between it and the maximums of the period (3.20 dollars).
Technically, at this moment, the price is returning to test this area which has now become key static resistance. All the most important technical indicators in the short/medium term give the most probable scenario of breaking this level. The price could channeling again between 3.00 and $ 3.20. Furthermore, on both daily and weekly time frames, the two main EMAs have crossed to the upside. The trend reversed from downtrend to uptrend, while on monthly TF it has always been above the EMA20.
For now, therefore, analysts are in favor of a further rise, assuming the price of this raw material over 3 dollars by the end of the first half of 2019, supported also by the fundamentals of recent weeks. In fact with the Chinese and American economy with a slight recovery and without the specter of new sanctions and duties between the US and China, this commodity is destined to continue in this very short-term uptrend.
Technically, at this moment, the price is returning to test this area which has now become key static resistance. All the most important technical indicators in the short/medium term give the most probable scenario of breaking this level. The price could channeling again between 3.00 and $ 3.20. Furthermore, on both daily and weekly time frames, the two main EMAs have crossed to the upside. The trend reversed from downtrend to uptrend, while on monthly TF it has always been above the EMA20.
For now, therefore, analysts are in favor of a further rise, assuming the price of this raw material over 3 dollars by the end of the first half of 2019, supported also by the fundamentals of recent weeks. In fact with the Chinese and American economy with a slight recovery and without the specter of new sanctions and duties between the US and China, this commodity is destined to continue in this very short-term uptrend.