AvaTrade - Analytics

    AvaTrade

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    Copper- Downward trend is weak, will you trade?

    Copper is trading below its downward trend line on a daily time frame. The price could be challenging the downward trend line soon as it is trading above the 50 day (shown in red) and the 100 day (shown in yellow) moving average. Given that the price is solidly above both of these trend lines, it means that the downward trend has lost its momentum. The volatility for the metal is high because it has pierced the Bollinger band and also trading away from its 20 day moving average. The piercing of the Bollinger band usually only has importance when this takes place at an important level of support or resistance.

    The MACD and the RSI indicators are also trading in line with the price action which means that the upward trend may continue however, it is important to keep in mind that the MACD indictor is trading near the over bought zone.

    Screen Shot 2015-03-23 at 14.10.23

    Important zones 

    2.41- 2.47 Support

    2.94-2.87 Resistance


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