Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Copper Under Immense Selling Pressure, But Near Support Zone

Published 03/12/2014, 08:43 AM
Updated 02/02/2022, 05:40 AM

Copper is under tremendous selling pressure on a daily time frame. The metal has pierced the Bollinger band and the price is trading well away from its 20day moving average, which means that the volatility is extremely high. The piercing of the Bollinger band does have vital importance when this takes place at an important level of support or resistance because it has the ability to reverse the current trend or pause it.

Moreover, we also have an oversold signal on the RSI indicator which is a further confirmation that the bias could be to the upside.

Copper
Important levels

Resistance Zone

3.23-3.17 Minor

3.44-3.38 Major

Support zone

2.90-2.83 Minor

2.72-2.633 Major

Disclosure & Disclaimer:

The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader. by Naeem Aslam

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.