Copper fresh bullish pattern [Video]

Olimpiu Tuns Learn 2 Trade

Copper is in a corrective phase after its strong rally. It was trading at 3.6845 at the time of writing. It drops as the price of gold and silver crashes as well as the USD dominates the currency market in the short term.

Still, the sell-off could be only a temporary one. The price action developed a down-channel pattern which could announce a new leg higher. Now, it challenges the 38.2% retracement level and the 3.6875. Staying above these levels and taking out the resistance represented by the downtrend line could announce a new leg higher.

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Author

Olimpiu Tuns

Learn 2 Trade

Olimpiu is a seasoned Market Analyst / Trader with 11 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks.

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