LME Copper
, 1 day
long
#Technical
#Bullish
Resistance 1 | 4.35664 |
---|---|
Quote Price | 4.31787 |
Support 1 | 4.18561 |
Support 2 | 3.97779 |
On the daily chart, we can see that Copper is starting to find some resistance around the key 4.35 level. From a risk management perspective, the buyers will have a much better risk to reward setup around the 4.18 level where we can also find the confluence of the 38.2% Fibonacci retracement level, the red 21 moving average and the trendline. The sellers, on the other hand, will likely step in around these levels to position for a drop into the trendline and eventually target a break below it.
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