Copper Forecast Today 10/06: Testing Resistance (Chart)

(MENAFN- Daily Forex) During the trading session on Monday, we saw the copper market rally 1.11% at the close, as traders continue to bet on the idea that the global economy may be doing better than people had anticipated, we have a situation where traders still have to deal with the major resistance barrier in the form of the $5 level, which we did try to peak above during the previous week but got smashed to the downside this juncture, I think you also have to keep in mind that market participants will continue to look at the 50 Day EMA, near the dollar $0.70 level, as a major support level does look like a market that is trying to top out, at least at the top of an overall consolidation region between the $4.50 level in the $5.00 level. Top Forex Brokers 1 Get Started 74% of retail CFD accounts lose money Read Review BrokerGeoLists({ type: \u0027MobileTopBrokers\u0027, id: \u0027mobile-top-5\u0027, size: SidebarBrokerListAmount, getStartedText: \u0060Get Started\u0060, readReviewText: \u0060Read Review\u0060, Logo: \u0027broker_carrousel_i\u0027, Button: \u0027broker_carrousel_n\u0027, });Technical AnalysisThe technical analysis for this pair is somewhat bullish, but you also have to keep in mind that we are in the sideways consolidation area, and therefore it\u0026rsquo;s going to be more range bound trading at this point. However, if we were to break above the shooting star from Thursday of last week, then I think you have a shot at the copper market going to the $5.25 level we break down from here, then the 50 Day EMA is an area of interest, and then after that we have the $4.50 level. The $4.50 level is like a basement for the range, so if we were to break down below there, things would be rather ugly. That being said, the reality is that we have been pushing higher, and it is probably worth noting that other industrial commodities such as silver and crude oil have been fairly strong, so I do think you have a situation where people who are willing to put money into the market recognize that there might be more growth and perhaps more importantly, more inflation down the road. Copper is an excellent predictor of this. Again, if we can break above that shooting star from last week, I suspect copper really takes off.

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