At the moment, the 50 sma (red) on the Daily timeframe is holding price down on Copper, as shown on the chart below.
A closer look at the one-hour chart below, shows a confluence of Fibonacci and trendline resistance at 3.54...at the time of writing this post in after-hours trading, price reached up towards this level and fell back to near-term support...a further drop could send price back down to 3.45...otherwise, a move and hold above 3.54 could see price reaching 3.60 or 3.62. Volumes were elevated today, so a major move may be imminent.
Welcome and thank you for visiting!
The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex
DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...
please read my full Disclaimer at this link.
UPCOMING ECONOMIC EVENTS...
* Thurs. Nov. 26th - U.S. Thanksgiving holiday...markets closed
* Fri. Nov. 27th - U.S. Black Friday...NYSE closes at 1:00 pm ET
* Wed. Dec. 16th @ 2:00 pm ET - FOMC Rate Announcement + FOMC Forecasts + @ 2:30 pm ET - Fed Chair Press Conference