Copper Price Analysis: Accumulation along a 61.8% golden ratio in action
- Copper advances along a dynamic support into a key hourly resistance.
- The daily chart has all the makings for a bulliosh continuation.
As per the prior analysis, Copper Price Analysis: Bulls lurking in daily demand area, bullish extension on the cards, the price of copper has found demand in the daily support and is stacking up for a move higher for the foreseeable future.
Copper, daily chart prior analysis
It was stated in the prior analysis that '' we could start to see some accumulation start to come in.
''This would be expected to see the price supported in the demand area as illustrated below resulting in a subsequent bid making prospects for an upside continuation''
Copper live market, daily chart
Besides a dip to the 78.6% Fibonacci, the price has been accumulating along the 61.8% ratio and has been respecting the dynamic trendline support so far.
Copper H1 chart
On the hourly chart, the bulls need to get over the line at this point i fthere are going to be near-term prospects of a break higher.
Author
Ross J Burland
FXStreet
Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.
