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Copper Price Bias Is Still Bearish

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The #C-COPPER price forecast in our August 5, 2020 technical analysis was bearish.

  • Market data after #C-COPPER,D1 August 5, 2020 technical analysis still indicate bearish bias.
  1. #C-COPPER,D1 closed 4% lower on Friday August 7, 2020.
  2. Three-month copper on the London Metal Exchange fell 0.6% to $6,270.50 a ton by 0307 GMT today.

Here is what indicators show as of August 10, 2020:

  • The Parabolic Indicator gives a bearish signal.
  • The Donchian channel indicates no trend: it is flat.
  • The MACD indicator gives a bearish signal.
  • The RSI oscillator gives a neutral signal.
  • The Fractals give a neutral signal.
  • The MA(200) Indicator gives a bullish signal.

So the bearish forecast still stands for the #C-COPPER,D1.

OrderSELL
Sell stopBelow 2.7923
Stop lossAbove 2.9481

Reuters August 10 report

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