The May
contract for copper has been oscillating around the 200 day exponential moving
average without taking a clear direction. Since the price coming into the
consolidation had a bullish trend, then there is a higher probability of seeing
a continuation to the upside. The 237 or the 243.63 could act as resistance. To
the downside, the 222.00 or the 215.00 could act as support. If the Chinese
economy keeps showing signs of growth, then the commodity may continue higher.
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Thank you for the analysis i'll keep an eye on the commodity.
ReplyDeleteUncertainty is in fact the situation!
ReplyDeleteThank you for the analysis, I will keep it in mind.
ReplyDeleteI will keep eyes on copper.
ReplyDeleteIt's very interesting analysis
ReplyDeleteInformative article.
ReplyDelete