EW suggest grinding towards $2.3- $2.4 of 50%-78.6% of fib level for C.
Weekly and Monthly RSI shows weakness. Confirms the larger downtrend.
Find Sell setups on lower TFs.
Good luck
Robus
copper, price making double top on copper in daily time frame. Non-commercials reduced long positions 6k in copper, long% decreased 2%, while short% increase 2%.
In tandem with many other markets (crude oil/equities) we are expecting corrections. From a technical view, copper has completed a perfect flat correction and we should expect immediate downside from here.
- the economic downturn is clear and copper is not somehow not required anymore
- i guess we use gold for electric engines and other smart equipment which can power our civilization forward... considering the price of gold i am sure about this
Thoughts ? :)
Copper is an essential industrial metal used worldwide. Copper prices are followed in financial markets around the globe and the metal is growing in popularity. Copper is widely used in construction and because of its electrical properties is found in wires and circuit boards. Copper is mined in open mines around the world, with Chile and the United States leading in overall copper production. The demand for copper is increasing as countries such as China and India continue to develop, while the supply remains tight. The growing demand and constrained supply is likely to keep copper prices volatile in the near future. Copper prices are commonly quoted in USD.
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