Following the surprise announcement that the US administration is exempting tariffs on refined metals, the price of copper has tanked and connected with a 6M support from US$4.3805. Notably, directly above, we have a 1Y resistance level from US$4.4590 and a 3M resistance level at US$4.5515, while a breakout south could lead the base metal to as far south as 6M support at US$4.0380.
Given the downside momentum, a breakout lower could serve to add to the current bearish flow and potentially see sellers pyramid positions.
Written by the FP Markets Research Team
Given the downside momentum, a breakout lower could serve to add to the current bearish flow and potentially see sellers pyramid positions.
Written by the FP Markets Research Team
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Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.