COPPER

By Mariya Markova

LME Copper

, 1 day

long

#Technical

#Bullish

Range

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.