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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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.