Good morning Traders!
It’s being long said that the price of Copper is tied to the anticipation of future economic
activity, and with recent events such as China dropping their Covid zero approach and
opening up, we saw the price of Copper trading higher.
High Grade Copper
The Weekly chart is in a confirmed uptrend, the latest move to the new Higher High, also
broke the strong resistance level at around the 3.9500 area. After this strong bullish push,
the market is currently overt extended from it’s Moving Averages. Drawing the Fibonacci
retracement of the latest move, has this strong level clustering with the 61.8%
retracement. I’ll be looking for a pullback to around this area releasing some of this strong
buying pressure.
It’s important to note that the Monthly chart is still in a confirmed downtrend, however
price is currently trading above the sellers breakout level.
Happy Trading!
