Copper - Correction Ahead
1. Fundamental Analysis
- US Housing Data was quite disappointing.
- Equity market decline & the fear of rising US interest rates.
- In addition, I think copper market is waiting for news which comes from US ( US government's plan for boosting produce electric vehicles) and China (confirmation about speculative buying and demand through readings of Shanghai copper warehouse stocks).
2. Technical Analysis
- This market seems overbought, and there's a sign that people are taking profit.
- Currently, i think copper contracts are moving in a range | sideway (4.08 - 4.37).
- Intraday, prices can climb higher and reach a zone (4.30 - 4.33). It could be a good opportunity for sell to probe the strength of the market)
1. Fundamental Analysis
- US Housing Data was quite disappointing.
- Equity market decline & the fear of rising US interest rates.
- In addition, I think copper market is waiting for news which comes from US ( US government's plan for boosting produce electric vehicles) and China (confirmation about speculative buying and demand through readings of Shanghai copper warehouse stocks).
2. Technical Analysis
- This market seems overbought, and there's a sign that people are taking profit.
- Currently, i think copper contracts are moving in a range | sideway (4.08 - 4.37).
- Intraday, prices can climb higher and reach a zone (4.30 - 4.33). It could be a good opportunity for sell to probe the strength of the market)
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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.
Related publications
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.