|
Getting your Trinity Audio player ready...
|
Technical analysis for Copper, the price breakout below descending triangle on the daily chart, an early signal for further downside potential.
The first target of this breakdown is the 0.618 FIB retracement of the last leg up on the weekly chart at 4.30, the second target is the 1.272 FIB extension at 4.13, and the third target is the 1.618 FIB extension at 3.98 – 4.00, which is the previous low on the weekly chart.
If the price of a Copper breaks above 4.60, it will invalidate this bearish view and perhaps resume the bullish daily run toward the previous high at 4.88. If the price of the Copper break above 4.88, it will open the door for a run toward, first 5.00 and second toward the 2.272 FIB extension at 5.10, and third toward 2.618 FIB extension at 5.45
Daily chart:
Weekly chart:
