Hello traders,
The significant drop in copper prices since May 2024 can be attributed to the overall correction in global commodity prices and the influence of macroeconomic factors.
Copper prices, which have historically been a crucial indicator of the global commodity market, have seen a substantial downward trend since May.
Check on the weekly right chart, it could make a new low down to FIBO 618 position where is also a support structure.
On 4h chart, we could wait for a new sideways price action before new entry to confirm selling signal, down to test target zone around 4.2471 .
GOOD LUCK!
LESS IS MORE!
The significant drop in copper prices since May 2024 can be attributed to the overall correction in global commodity prices and the influence of macroeconomic factors.
Copper prices, which have historically been a crucial indicator of the global commodity market, have seen a substantial downward trend since May.
Check on the weekly right chart, it could make a new low down to FIBO 618 position where is also a support structure.
On 4h chart, we could wait for a new sideways price action before new entry to confirm selling signal, down to test target zone around 4.2471 .
GOOD LUCK!
LESS IS MORE!
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Join Free Telegram Group to get all the updates: t.me/FuntraderVera
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.