Copper Looks To Have Charted A Bullish Reference Candle

Russell Shor, CFTe, MFTA FXCM

The below is the daily chart of the copper price. Friday’s candle may be a bullish reference candle (blue arrow). I.e. a candle with higher lows 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. We note that the RSI(9) is above 50 and looks to be moving up (blue rectangle). This is indicative of an underlying bullish momentum. We continue to monitor.

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

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