The reaction from the 2016 lows to $4370 reached in 6 weeks $5250 area (+20%). This level has a number of important resistances:
– Long-term bullish trend start from the 2002 lows (broke down in March with the reversal of roles, first from support now from resistance). Upper side of the wide rise wedge (which passes right through at $5250).
It should be taken into account that in case of rising above this level ($5250), the subsequent resistance zones are identified at $5450 (horizontal union of the April 2017 – May 2017 – September 2019 – February 2020 minimum).
On a daily basis, the strength indication of the MACD indicator is close to positive (short-term strength).
On a weekly and monthly basis the indicator is still in the clear negative zone.
It will however be a confirmation of price first over $5250 and then $5450 to send a first true signal of strength of the metal.
COPPER 3 MONTH $ DAILY
COPPER 3 MONTH $ WEEKLY
COPPER 3 MONTH $ MONTHLY
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