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Copper Price Bias Is Still Bearish
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.
- #C-COPPER,D1 closed 4% lower on Friday August 7, 2020.
- 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.
Order | SELL |
Sell stop | Below 2.7923 |
Stop loss | Above 2.9481 |
Reuters August 10 report
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