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