Copper: Correction Continues

Published 12/19/2016, 08:16 AM
In this article:

Here is what I said on 12th of December. As we expected earlier, the region of 2.530 is achieved as of writing. Now if the area of 2.52 gives the way then we are ready for 2.467 followed by 2.427.

Here is the updated daily chart showing the latest development:
Copper Daily Chart

Copper has just crossed the 23.6% area of previous move and technically, the next area of support sits around 2.481 followed by the 50% mark of 2.407.

Let's check on the 5 hr time frame.
Copper 5 Hour Chart


The 5 hr chart is looking oversold right now on RSI, which means that we are very close towards the end of this correction and might get small bounce from the support zone before a further move south.


Resistance: 2.600 / 2.684 /2.700
Support: 2.500 / 2.460 /2.426

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