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Copper Technical Analysis
Copper rallied in the past weeks as the Chinese data showed some positive signs but sold off this week as recessionary fears came back strongly with more disappointing US labour market data. The bigger picture remains bearish or at most neutral for Copper as global growth is likely heading downwards with the central banks’ restrictive monetary policies in place. On the daily chart, we can see that Copper managed to reach the swing high at 3.90 but sold off soon after into the upward trendline. This is where the buyers are stepping in as they have also the 61.8% Fibonacci retracement level for confluence. A break ... (full story)