Monday, February 29, 2016

Copper unable to break resistance

The May contract for copper on the daily chart has found a good resistance at the 214.91 level. If the price breaks that level to the upside, then the bullish momentum may accelerate. The MACD indicator is showing a bullish trend, but it is losing strength, probably because of the resistance where the price is at the moment. To the downside, the 200.00 level could act as support in case of a bearish retracement.


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