- Analytics
- Technical Analysis
COPPER Technical Analysis - COPPER Trading: 2023-06-15
Copper Technical Analysis Summary
Above 3.93
Buy Stop
Below 3.53
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Buy |
| MA(200) | Neutral |
| Fractals | Buy |
| Parabolic SAR | Buy |
| Bollinger Bands | Neutral |
Copper Chart Analysis
Copper Technical Analysis
On the daily timeframe, COPPER: D1 is moving towards the upper boundary of the wedge. It has approached the 200-day moving average, which should be broken upwards before opening a position. Technical analysis indicators have formed signals for further upside movement. We do not exclude a bullish trend if COPPER: D1 rises above the 200-day moving average and the upper Bollinger Band line at 3.93. This level can be used as an entry point. The initial risk limitation can be set below the last two fractal lows, the Parabolic signal, and the lower Bollinger Band line at 3.53. After opening a pending order, the stop loss should be adjusted along with the Bollinger Band and Parabolic signals to the next fractal minimum. This way, we improve the potential profit/loss ratio in our favor. The most cautious traders can switch to the four-hour chart after entering the trade and set a stop loss, moving it in the direction of the movement. In case the price surpasses the stop level (3.53) without activating the order (3.93), it is recommended to cancel the order as internal changes in the market occur that were not taken into account.
Fundamental Analysis of Commodities - Copper
Lower bank rates in China could support economic growth. Will COPPER quotes continue to rise?
The People's Bank of China (PBOC) has lowered its short-term lending rate for the first time in 10 months, from 2% to 1.9% (7-day repo rate). This increases the likelihood of a reduction in its Loan Prime Rate, which currently stands at 3.65%. It is worth noting that in May 2023, inflation in China was low, at 0.2% y/y. The rate cuts could support further development of the Chinese industry, which consumes over half of the world's copper. Another positive factor for copper prices could be the plans of American automakers Tesla, General Motors, and Ford to increase production of electric vehicles.
Explore our
Trading Conditions
- Spreads from 0.0 pip
- 30,000+ Trading Instruments
- Instant Execution
Ready to Trade?
Open Account Note:
This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.
