Slobodan Drvenica
Windsor Brokers
COPPER
Copper trades in narrow consolidation under new marginally higher high at $3.2460, posted after strong three-day rally from $3.0250 (09 Feb low). Rally accelerated on Tue/Wed on fresh weakness of the dollar and surged through thick daily cloud and a number of daily MA's, retracing nearly 76.4% of $3.3200/$3.0250 bear-leg and generating strong bullish signal. Profit-taking after strong rally could slow bulls, along with overbought slow stochastic. Also, lower liquidity on reduced participation of Chinese traders due to Lunar New Year could cause stronger movements in the market. Today's close in red would initial signal of bulls taking a breather, however, firm bullish structure suggests limited dips (ideally to be contained by daily cloud top ($3.1956), before bulls continue through immediate barriers at $3.2504 (Fibo 76.4% of $3.3200/$3.0250 descend) and double-top at $3.2565/60 (25 Jan/05 Feb). Plethora of supports provided by daily MA's lies below cloud top and supports scenario.
Res: 3.2504; 3.2565; 3.2750; 3.2900
Sup: 3.2155; 3.1956; 3.1185; 3.1714
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
Recommended Content
Editors’ Picks
EUR/USD holds gains near 1.0650 amid risk reset
EUR/USD is holding onto its recovery mode near 1.0650 in European trading on Friday. A recovery in risk sentiment is helping the pair, as the safe-haven US Dollar pares gains. Earlier today, reports of an Israeli strike inside Iran spooked markets.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD is rebounding toward 1.2450 in early Europe on Friday, having tested 1.2400 after the UK Retail Sales volumes stagnated again in March, The pair recovers in tandem with risk sentiment, as traders take account of the likely Israel's missile strikes on Iran.
Gold price defends gains below $2,400 as geopolitical risks linger
Gold price is trading below $2,400 in European trading on Friday, holding its retreat from a fresh five-day high of $2,418. Despite the pullback, Gold price remains on track to book the fifth weekly gain in a row, supported by lingering Middle East geopolitical risks.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Geopolitics once again take centre stage, as UK Retail Sales wither
Nearly a week to the day when Iran sent drones and missiles into Israel, Israel has retaliated and sent a missile into Iran. The initial reports caused a large uptick in the oil price.