Copper with a strong buy signal. May now rise to USD 1,200.
Technical Analysis of Copper
The copper price is in a long-term rising trend, from back in 2016 (cf. chart), and a further rise is signaled in both the short and medium term for copper.
A strong technical buy signal has also recently been triggered for Copper, and after breaking up from a large right-angled ascending triangle consolidation formation.
The potential indicated for Copper according to this large consolidation formation is indicated by the red dashed lines in the chart.
A potential for Copper is thus indicated at around USD 1,100 - 1,200 in the 6-9 month term.
Furthermore, there is now a significant technical support level for Copper around the USD 825.00 level (the previous resistance level that Copper recently broke above and then triggered a strong technical buy signal).
The overall technical picture for the Copper price is therefore very positive, and further indicates a significant rise for Copper, and then preferably to around USD 1,100 - 1,200 in 6-9 months' time.
There is now little technical resistance to a further rise for the Copper price within this long-term rising trend.
What could possibly change today's very positive technical picture for Copper would be if the price were to get an established break below USD 800.00, and there should now be significant technical support for Copper between USD 800.00 - 825.00.
The copper price is in a long-term rising trend, from back in 2016 (cf. chart), and a further rise is signaled in both the short and medium term for copper.
A strong technical buy signal has also recently been triggered for Copper, and after breaking up from a large right-angled ascending triangle consolidation formation.
The potential indicated for Copper according to this large consolidation formation is indicated by the red dashed lines in the chart.
A potential for Copper is thus indicated at around USD 1,100 - 1,200 in the 6-9 month term.
Furthermore, there is now a significant technical support level for Copper around the USD 825.00 level (the previous resistance level that Copper recently broke above and then triggered a strong technical buy signal).
The overall technical picture for the Copper price is therefore very positive, and further indicates a significant rise for Copper, and then preferably to around USD 1,100 - 1,200 in 6-9 months' time.
There is now little technical resistance to a further rise for the Copper price within this long-term rising trend.
What could possibly change today's very positive technical picture for Copper would be if the price were to get an established break below USD 800.00, and there should now be significant technical support for Copper between USD 800.00 - 825.00.
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