Thursday, April 19, 2018
Copper stays inside the channel
On
the daily chart of copper we can see that the commodity has been inside a very
well-defined bullish channel. For now, the 55 day EMA (purple line) has been
acting as a support, around the 310.12 level. The 314.00 could act as resistance
and the next resistance could be the 325.00, but in order for the price of the
GBP/USD to get there, it would have to probably break above the channel. To the
downside, the 310.12 level could still act as support, below that level, the
next support could be the 200 day EMA (blue line), at the 302.96 level. The
most obvious and important support is at the 55 week EMA, around the 295.75
level. The bullish momentum is still in place.
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Keep up the good work.
ReplyDeleteNice bullish channel.
ReplyDeleteThank you for the detailed analysis.
ReplyDeleteLet's see how it will develop this week.
ReplyDeleteWill keep your assessment in mind.
ReplyDeleteVery helpful and insightful analysis, excellent.
ReplyDeleteThank you for the useful info.
ReplyDelete