Copper Looking to Chart Bullish Reference Candle
The below is the daily chart of the copper price. The green 5-day EMA is pulling away from the orange 13-day EMA, and the orange 13-day EMA is above the black 34-day EMA. Thus, the EMAs are in a bullish formation. Moreover, Thursday’s candle looks to be a bullish reference candle (blue arrow). I.e. a candle with a higher low on either side of it. If today’s candle closes above the reference candle’s high (green horizontal line) it will give weight to the bullish reference candle scenario. The RSI(9) is above 50 and indicative of an underlying bullish momentum. The longer it stays above 50 the greater the likelihood of a stronger copper price ahead.
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