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COPPER Technical Analysis - COPPER Trading: 2020-03-19
Copper Technical Analysis Summary
Below 1.9717
Sell Stop
Above 2.3492
Stop Loss
| Indicator | Signal |
| RSI | Buy |
| MACD | Sell |
| Donchian Channel | Sell |
| MA(200) | Sell |
| Fractals | Sell |
| Parabolic SAR | Sell |
Copper Chart Analysis
Copper Technical Analysis
On the daily timeframe #C-COPPER: D1 is falling below the 200-day moving average MA(200), which is falling itself. We believe the bearish momentum will continue as the price breaches below the lower Donchian boundary at 1.9717. A pending order to sell can be placed below that level. The stop loss can be placed above 2.3492. After placing the order, the stop loss is to be moved every day to the next fractal high, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level without reaching the order, we recommend cancelling the order: the market has undergone internal changes which were not taken into account.
Fundamental Analysis of Commodities - Copper
Industrial production fell year to date in China. Will the COPPER continue falling?
China’s economy endured a severe blow from coronavirus infection as quarantine measures resulted in slowing of activities and shutdowns of industrial enterprises. China’s industrial production, retail sales and fixed asset investment fell steeply in the first two months of 2020. Industrial production in China fell 13.5% in January-February over the same period a year ago, while fixed asset investment dropped 24.5%. At the same time retail sales tumbled 20.5%. China is the top copper consumer in the world, accounting for 49% of global copper consumption. Copper is extensively used in construction, which is a major component of fixed asset investment. And while cases of new coronavirus infections in China peaked the economy is far from recovering from the disruption caused from quarantine measures. Falling fixed investment and industrial output in China is bearish for copper price.
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