Copper Price May Probe Two-Year Low

From dailyfx.com

On June 11, Copper’s attempted to re-coup recent heavy losses. The price rallied towards $5,965 then declined and closed with a bearish Doji pattern, emphasizing the bull’s hesitation to push even higher. Alongside, the Relative Strength Index (RSI) remained below 50 showing lack of momentum to kick start an upwards trend. Looking at the daily chart we notice Copper’s U turn on June 11 hinting towards the low end of the current trading zone ($5,726 - $5,970). Hence, a close below this level could send Copper towards 112.20% Fibonacci extension at $5,618. However, the weekly support at $5,670 would be worth ... (full story)