The chart appears to analyze copper CFDs on a daily timeframe
The copper market is showing bearish tendencies, with price breaking below a critical symmetrical triangle pattern. Here are the key insights:
1.Technical Breakdown:
2.Support Levels to Watch:
3.RSI and Momentum:
4.Risk and Opportunity:
📊 What are your thoughts on copper's next move? Let me know in the comments!
1.Technical Breakdown:
- Price recently broke the lower boundary of the triangle, signaling a potential continuation of the downtrend.
- Strong selling pressure is reflected by increased volume.
2.Support Levels to Watch:
- Immediate support: $4.00 (psychological level near the 50% Fibonacci level).
- Key support: $3.85 (61.8% Fibonacci retracement and ascending trendline).
3.RSI and Momentum:
- RSI still hovers above oversold levels, leaving room for further downside.
- Moving averages suggest sustained bearish momentum.
4.Risk and Opportunity:
- Traders should watch for a retest of the triangle's lower boundary (~$4.20) as potential resistance before further declines.
- Break below $4.00 could open doors for $3.85.
📊 What are your thoughts on copper's next move? Let me know in the comments!
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