Thursday, February 20

A Doable Reversal on the Horizon- HG Weekly Forecast


Copper Technical Evaluation

Copper Value – Multi-Month Excessive

On Jan 3, Copper examined its lowest stage in three weeks at $6.089. Within the following week, the worth rallied then closed with 0.9% acquire. This week, patrons resumed bullish value motion and led the metallic to $6.342 -its highest stage in over eight months.

The relative Energy index (RSI) rose to 68 then remained flat after highlighting a paused uptrend transfer.

Copper DAILY PRICE CHART (Could 1, 2018 – Jan 17, 2020) Zoomed out

Copper daily price chart 17-01-20 Zomed out

USD Forecast

USD Forecast

Recommended by Mahmoud Alkudsi

Download our fresh Q1 Forecast for main commodities

Copper DAILY PRICE CHART (SEP 6 – Jan 17, 2020) Zoomed In

copper daily price chart 17-01-20 Zomed in

Trying on the each day chart, we discover on Dec 10 Copper broke above the downtrend line originated from the April 17 excessive at $6.607 then rushed to the next buying and selling zone $6.084 – $6.303. See the chart (zoomed out).

On Wednesday, Copper reverted again to the buying and selling zone as some patrons confirmed hesitation and exited the market. This might lead extra patrons to tug again and reverse the worth’s course in direction of the low finish of the zone. Moreover, we discover a attainable bearish divergence as the worth created a excessive and at present growing the next excessive in the meantime, the RSI created excessive with a decrease excessive.

Additional shut beneath $6.012 opens the door for sellers to press in direction of $5.735. Though, the weekly assist stage and space marked on the chart needs to be monitored as some merchants might exit/be part of the market at these factors.

On the flip aspect, one other shut above the excessive finish of the zone could finish purchaser’s hesitation. This might pave the way in which to push in direction of $6.607. In that state of affairs, the weekly resistance ranges underscored on the chart could be price monitoring.

How to Use IG Client Sentiment in Your Trading

How to Use IG Client Sentiment in Your Trading

Recommended by Mahmoud Alkudsi

Improve your trading with IG Client Sentiment Data

CoPper 4-HOUR PRICE CHART (Dec 1 – Jan 17, 2020)

Copper four hour price chart 17-01-20

From the four-hour chart, we discover that on Jan 14 Copper resumed bullish value motion. Nonetheless, uptrend transfer might reverse if the worth breaks and stays beneath the neckline of head and shoulders sample situated at $6.258. It’s price noting that, any rally above $6.342 would negate the sample.

Thus, a break beneath $6.216 might ship Copper in direction of $6.172. But, the each day assist stage underlined on the chart needs to be watched carefully. However, a break above $6.356 could push the metallic in direction of $6.419. However, the weekly resistance stage underscored on the chart needs to be thought-about.

See the chart to know extra about the important thing technical ranges in an extra bullish/bearish transfer.

Simply getting began?See our Beginners’ Guide for FX traders

Written By: Mahmoud Alkudsi

Please be at liberty to contact me on Twitter: @Malkudsi

Technical Analysis

Forex Notice

Leave a Reply

Notify of