Copper Eyes A More Important Turn Lower – Credit Suisse

a close up of a rock with lichen on it

Copper maintains the break of its 200-Day Moving Average, which keeps analysts at Credit Suisse biased lower.

 

Resistance moves to the broken lows and 200-DMA at $8,370/8,44

Copper (LME) has stabilized this week but maintains its recent break below its 200-DMA and key range lows at $8,442/8368, with medium-term weekly MACD momentum also recently crossing into negative territory. Furthermore, the market also recently posted a clear weekly close below the key uptrend from 2020, which we viewed as a major breakdown.

We stay biased towards a trending phase to the downside despite the recent stabilization. With this in mind, we see the next support levels at $7,850, then $7,220 and finally the 2022 low and major retracement support at $6,955/6,844, which could prove a tough barrier.

Resistance moves to the broken lows and 200-DMA at $8,370/8,442, which we look to cap the market to keep the risks biased directly lower.


More By This Author:

EUR/USD Gains Momentum As Dovish Fed Comments And Weak US Data Drive USD Lower
EUR/USD Drops Past 1.0700 On Upbeat U.S. Data, Risk Aversion
EUR/GBP Remains Depressed Below Mid-0.8600s, Hangs Near YTD Low After German CPI

Disclaimer: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only ...

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.
Or Sign in with