www.varchev.com

Dr. Copper with early signs of a rebound

Copper gives signs of a possible ending of the upward movement. After the long range of February 26, 2019, we have today a strong downward momentum that reinforces the breakthrough of the diagonal ascending line and closure below the 50-year moving average. Right now, the price has stopped at 38.2 Fibonacci at a price of 6315. A break at this level and hold below it will fix the final break of the rang configuration, with the movement going down to the 200-point average.

From a technical point of view, we have the initial conditions for reversing the previous upward movement, and from a fundamental point of view, we are seeing a declining demand for industrial metals again because of the fears of a slowdown in the global economy.

Alternatively, the support at 6310 will endure, which will bring the price back in the lateral movement.


 Trader Martin Nikolov


Read more:
RECCOMEND WAS THIS POST USEFUL FOR YOU?
If you think, we can improve that section,
please comment. Your oppinion is imortant for us.
WARNING: Any news, opinions, research, data or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. Varchev Finance Ltd. expressly disclaims any liability for any lost principal or profits which may arise directly or indirectly from the use of or reliance on such information. Varchev Finance Ltd. may provide information, quotes, references and links to or from other sites and blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the sites, blogs or other sources of information.
Varchev Finance