Slobodan Drvenica
Windsor Brokers
COPPER
Copper price accelerated lower on Tuesday, signaling extension of pullback from $3.3200 high on break below four-day congestion floor at $3.1790.
Fresh weakness was sparked by surge in copper inventories which signal healthy supplies and pressuring metal’s price.
Bearish acceleration took out support provided by 55SMA ($3.1418) and dented Fibo support at $3.1312 (50% retracement of $2.9425/$3.3200 rally), eyeing next support at $3.1066 (100SMA) and $3.1000 (top of daily Ichimoku cloud).
Daily cloud twists next week and could attract for further weakness, with extended dips expected to find footstep above $3.0867 (Fibo 61.8%) to keep bulls intact.
Daily indicators are heading south, with momentum deeply in the negative territory and slow stochastic being strongly oversold, showing space for further fall but suggesting that corrective bounce could be expected in the near-term. Bearish scenario sees close below $3.0867 pivot as negative signal for deeper correction.
Res: 3.1312; 3.1418; 3.1758; 3.1973
Sup: 3.1066; 3.1000; 3.0867; 3.0525
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
AUD/USD pressures as Fed officials hold firm on rate policy
The Australian Dollar is on the defensive against the US Dollar, as Friday’s Asian session commences. On Thursday, the antipodean clocked losses of 0.21% against its counterpart, driven by Fed officials emphasizing they’re in no rush to ease policy. The AUD/USD trades around 0.6419.
EUR/USD extends its downside below 1.0650 on hawkish Fed remarks
The EUR/USD extends its downside around 1.0640 after retreating from weekly peaks of 1.0690 on Friday during the early Asian session. The hawkish comments from Federal Reserve officials provide some support to the US Dollar.
Gold price edges higher on risk-off mood hawkish Fed signals
Gold prices advanced late in the North American session on Thursday, underpinned by heightened geopolitical risks involving Iran and Israel. Federal Reserve officials delivered hawkish messages, triggering a jump in US Treasury yields, which boosted the Greenback.
Runes likely to have massive support after BRC-20 and Ordinals frenzy
With all eyes peeled on the halving, Bitcoin is the center of attention in the market. The pioneer cryptocurrency has had three narratives this year already, starting with the spot BTC exchange-traded funds, the recent all-time high of $73,777, and now the halving.
Billowing clouds of apprehension
Thursday marked the fifth consecutive session of decline for US stocks as optimism regarding multiple interest rate cuts by the Federal Reserve waned. The downturn in sentiment can be attributed to robust economic data releases, prompting traders to adjust their expectations for multiple rate cuts this year.