Copper

COPPER: The movement remains bullish

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Above 263.24 USD the major trend remains bullish. 295.89 USD and 304.06 USD are in the line of sight. The breaking of 263.24 USD would cancel this anticipation and favor a correction toward 255.08 USD.

Opinion Short Term

• Negative
  
• Resistance 1 £295.89
  
• Support 1 £263.24
  

Opinion Medium Term

• Bearish
  
• Resistance 2 £304.06
  
• Support 2 £255.08
  

The MACD is positive and above its signal line. This configuration confirms the sound positioning of the commodity. We can see that the bullish potential of the RSI has not been exhausted. The Stochastics are not overbought, which leaves the bullish potential intact in the medium term. The volumes traded are less than the average volumes over the last 10 days.

The commodity is in a phase of technical recovery. It is above its 50-day moving average but the latter is poorly positioned. In the event of a correction, the first support is at 263.24 USD, before a test of 255.08 USD in the case of a breach. To the upside, the resistance at 295.89 USD is intermediary before the strong level of 304.06 USD.

COPPER: Under these resistances, a consolidation is likely

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Below 282.53 USD the major trend remains bearish 263.32 USD and then 258.51 USD are in the line of sight. The surpassing of 282.53 USD would cancel this anticipation and favor a recovery toward 287.34 USD.

Opinion Short Term

• Negative
  
• Resistance 1 £282.53
  
• Support 1 £263.32
  

Opinion Medium Term

• Bearish
  
• Resistance 2 £287.34
  
• Support 2 £258.51
  

The MACD is negative and lower than its signal line. This configuration is damaging the commodity perspectives. The RSI is not yet indicating an oversold situation, so a continuation of the fall is technically possible. The Stochastics indicators are not giving any clear signals for the coming days. The volumes traded are less than the average volumes over the last 10 days.

After a recent high at 283.4 USD the commodity corrected towards the 50-day moving average 273.53: the price reaction on this level allows us to envisage a continuation of this movement in the medium term. The first buy points (or short-term supports) are at 263.32 USD and 258.51 USD. The resistances are at 282.53 USD and 287.34 USD.

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Below 279.21 USD the major trend remains bearish 243.66 USD and then 239.22 USD are in the line of sight. The surpassing of 279.21 USD would cancel this anticipation and favor a recovery toward 288.1 USD.

Opinion Short Term

• Negative
  
• Resistance 1 279.21
  
• Support 1 243.66
  

Opinion Medium Term

• Bearish
  
• Resistance 2 288.10
  
• Support 2 239.22
  

Statisitcs

• Last Price 262.7 USD
  
• MACD -3.48
  
• MA 20 265.88
  
• MA 50 273.47
  
• Stochastics 29.41
  
• RSI 40.92
  

The MACD is negative and lower than its signal line. This configuration is damaging the commodity perspectives. The RSI is not yet indicating an oversold situation, so a continuation of the fall is technically possible. The Stochastics indicators are not giving any clear signals for the coming days. The volumes traded are less than the average volumes over the last 10 days.

The commodity is oriented to the downside. It is under its 50-day moving average located at 273.47. The 20-day moving average (lower than the 50-day moving average) is maintaining the prices under medium-term sell pressure. Our first support is at 243.66 USD and the next is at 239.22 USD; the resistances, located at 279.21 USD and at 288.1 USD must be exceeded for the trend to undergo a reversal.

COPPER: Possible pull back on supports

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Above 243.83 USD the COPPER is heading toward 284.26 USD over the short term. Below 243.83 USD the movement would reverse and then correct toward 238.77 USD.

Opinion Short Term

• Negative
  
• Resistance 1 284.26
  
• Support 1 253.94
  

Opinion Medium Term

• Bearish
  
• Resistance 2 294.37
  
• Support 2 243.83
  

Statistics

• Last Price 265.5 USD
  
• MACD -2.68
  
• MA 20 269.1
  
• MA 50 277.04
  
• Stochastics 65.22
  
• RSI 41.46
  

The MACD is negative but is situated above its signal line: the trend is changing. Now, the MACD must clear zero for the rise to continue in the coming days. The main indicator of the movement's strength (RSI) shows that the technical situation is quite healthy, as it is not overbought. The Stochastics indicators are not giving any clear signals for the coming days. The volumes traded are less than the average volumes over the last 10 days.

The commodity is oriented to the downside. It is under its 50-day moving average located at 277.04. The 20-day moving average (lower than the 50-day moving average) is maintaining the prices under medium-term sell pressure. Our first support is at 253.94 USD and the next is at 243.83 USD; the resistances, located at 284.26 USD and at 294.37 USD must be exceeded for the trend to undergo a reversal.

COPPER: Possible pull back on supports

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Above 244.1 USD the COPPER is heading toward 289.74 USD over the short term. Below 244.1 USD the movement would reverse and then correct toward 239.02 USD.

Indicator:
-*-Opinion Short Term
-*-Negative
-*-Resistance 1 289.74
-*-Support 1 254.24

Opinion Medium Term:
-*-Bearish
-*-Resistance 2 294.81
-*-Support 2 244.10

Statistics:
-*-Last Price 266.55 USD
-*-MACD -2.58
-*-MA 20 269.46
-*-MA 50 277.77
-*-Stochastics 70.2
-*-RSI 42.6

The MACD is negative but is situated above its signal line: the trend is changing. Now, the MACD must clear zero for the rise to continue in the coming days. The main indicator of the movement's strength (RSI) shows that the technical situation is quite healthy, as it is not overbought. The Stochastics indicators are not giving any clear signals for the coming days. The volumes traded are more than the average volumes over the last 10 days.

The commodity is oriented to the downside. It is under its 50-day moving average located at 277.77. The 20-day moving average (lower than the 50-day moving average) is maintaining the prices under medium-term sell pressure. Our first support is at 254.24 USD and the next is at 244.1 USD; the resistances, located at 289.74 USD and at 294.81 USD must be exceeded for the trend to undergo a reversal.

COPPER: Wait for a test of the support

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Above 248.71 USD the COPPER is heading toward 290.73 USD over the short term. Below 248.71 USD the movement would reverse and then correct toward 238.21 USD.

The MACD is negative but is situated above its signal line: the trend is changing. Now, the MACD must clear zero for the rise to continue in the coming days. The main indicator of the movement's strength (RSI) shows that the technical situation is quite healthy, as it is not overbought. The Stochastics indicators are not giving any clear signals for the coming days. The volumes traded are less than the average volumes over the last 10 days.

The commodity is oriented to the downside. It is under its 50-day moving average located at 278.11. The 20-day moving average (lower than the 50-day moving average) is maintaining the prices under medium-term sell pressure. Our first support is at 253.96 USD and the next is at 248.71 USD; the resistances, located at 290.73 USD and at 295.98 USD must be exceeded for the trend to undergo a reversal.

COPPER: Wait for a test of the support

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Above 248.87 USD the COPPER is heading toward 291.17 USD over the short term. Below 248.87 USD the movement would reverse and then correct toward 238.3 USD.

The MACD is negative but is situated above its signal line: the trend is changing. Now, the MACD must clear zero for the rise to continue in the coming days. The main indicator of the movement's strength (RSI) shows that the technical situation is quite healthy, as it is not overbought. The Stochastics indicators are not giving any clear signals for the coming days. The volumes traded are less than the average volumes over the last 10 days.

Since the recent low at 256 USD the commodity has been in a phase of technical recovery towards its 50-day moving average located at 278.8: the price reaction on this level will allow us to envisage a continuation of the movement in the medium term. To alleviate this position, we could wait to test the short-term resistances located at 291.17 USD and 296.46 USD. The supports are at 254.16 USD then at 248.87 USD .

No signs of improvement
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INDICATOR
Opinion Short Term Negative
Resistance 1 326.88USD
Support 1 297.44USD
Opinion Mid Term Bearish
Support 2 292.54USD
Resistance 2 331.78USD

STRATEGY
Below 326.88 USD the major trend remains bearish 297.44 USD and then 292.54 USD are in the line of sight. The surpassing of 326.88 USD would cancel this anticipation and favor a recovery toward 331.78 USD.

SUMMARY
The MACD is negative and lower than its signal line. This configuration is damaging the commodity perspectives. Power indicators, like the RSI, are not giving any particular signals. The Stochastics indicators are not giving any clear signals for the coming days. The volumes traded are more than the average volumes over the last 10 days.

MOVEMENTS AND LEVELS
The commodity is oriented to the downside. It is under its 50-day moving average located at 318.31. The 20-day moving average (lower than the 50-day moving average) is maintaining the prices under medium-term sell pressure. Our first support is at 297.44 USD and the next is at 292.54 USD; the resistances, located at 326.88 USD and at 331.78 USD must be exceeded for the trend to undergo a reversal.