I am buying here, with a stop-loss at $6.45 and a target of $6.78. The copper market continues to be one of the most important markets I am following at this moment. Ultimately, this is a market that is facing a lot of questions in both directions.
CopperThe copper market has fallen quite a bit during the early part of the trading session on Thursday to reach down toward the $6.50 level. The $6.50 level is a large, round, psychologically significant figure in an area where we have seen a lot of support previously, so it does make a certain amount of sense that we have bounced from there.Top Regulated Brokers1 Get Started 74% of retail CFD accounts lose money The 50-day EMA above is going to be potential resistance, and if we can break above there, then the market is likely to go looking to the $6.80 level. If copper were to fall below the $6.50 level, then we could see copper drop down to the $6.40 level pressures on the copper marketsAll things being equal, the copper market still sees a labor dispute in Chile as a potentially bullish sign. There are concerns about Chinese demand at the moment, but it is starting to eke into an expansion economy again, so I think ultimately copper offers some value here. That value is something that I am willing to take advantage of, with the thought that if we were to break down below the $6.40 level, then things will have certainly changed.Ultimately, this is a market that, given enough time, I think probably attracts value hunters because, quite frankly, demand for copper might drop temporarily, but longer term, all you have to do is pay attention to artificial intelligence to know that is not going to be a long-lasting thing.I think of copper more as an investment than anything else, and I still believe that we have upward pressure before it is all said and done. Falling rates during the day in the United States have helped a little, although that is not my primary driver.Ready to trade our daily Forex forecast? We've short listed the best Forex commodity brokers for you here.
Legal Disclaimer: MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Comments
No comment