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COPPER : BULLISH REVERSAL
- The market has been registering lower highs and lows for 6 weeks ; the short-term trend was then bearish.
- During that period, the market has evolved inside a bearish wedge pattern, a configuration that usually appears at the end of a bearish trend.
Indeed, this chart pattern is usually seen as the sign that sellers are becoming less and less powerful/numerous on the market, which tends to indicate a bullish reversal to come.
Very recently, we could have seen prices breaking-out of this bearish wedge pattern, confirming the bullish reversal scenario.
This move has also been supported by a bullish cross from both moving averages as well as the anticipated breakout on the RSI indicator.
- This is seen as a bullish reversal scenario, also supported by the prospect of a weaker US Dollar due to the incoming monetary easing cycle from the FED. The bearish wedge break-out has unlocked a new bullish potential towards $453.45, $466.15, $476.40, $486.65 and even above the $500 mark by extension.
Pierre Veyret, Technical Analyst at ActivTrades
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
- During that period, the market has evolved inside a bearish wedge pattern, a configuration that usually appears at the end of a bearish trend.
Indeed, this chart pattern is usually seen as the sign that sellers are becoming less and less powerful/numerous on the market, which tends to indicate a bullish reversal to come.
Very recently, we could have seen prices breaking-out of this bearish wedge pattern, confirming the bullish reversal scenario.
This move has also been supported by a bullish cross from both moving averages as well as the anticipated breakout on the RSI indicator.
- This is seen as a bullish reversal scenario, also supported by the prospect of a weaker US Dollar due to the incoming monetary easing cycle from the FED. The bearish wedge break-out has unlocked a new bullish potential towards $453.45, $466.15, $476.40, $486.65 and even above the $500 mark by extension.
Pierre Veyret, Technical Analyst at ActivTrades
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
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