Ultima Markets[Market Analysis] Copper has hit key support for the third time, and a breakthrough is expected...

Today's Focus--copper。

Fundamentally,Employment data andPMIAfter the data was released, the potential risk of secondary inflation in the United States has led to continued pressure on non-ferrous metals. On the supply side, according to the latest data from the London Metal Exchange, copper inventories have increased3150Tons, rising inventory means that market demand has not expanded. These short-term news have still not led to a significant decline in copper prices, indicating that there is still room for long-term upward movement of short-term copper after digesting market news.

Technically,Copper prices are once again approaching on the weekly chart200Near the weekly moving average, there were signs of resistance and rebound in the first two times of the market.

Copper weekly cycle chart, sourceUltima Markets MT4）

65The weekly moving average continues to suppress the upward rebound space of copper prices. Pay attention to the final closing price of the market today and Friday, can we effectively break through the weekly trend200Weekly moving average. The market is worth focusing on the bearish trend next week.

Copper daily cycle chart, sourceUltima Markets MT4）

The bearish forces temporarily dominate the copper daily cycle. The random oscillation indicator has a dead cross downward, and copper prices have continued to decline despite being suppressed by the double moving average. base on8The downward trend since the beginning of the month has been a downward driving wave, and there is a certain probability that the recent decline will continue the delayed downward trend.

Copper1Hourly cycle chart, sourceUltima Markets MT4）

Within the day1On the hourly cycle, the random fluctuation indicator has not yet entered the overbought area, and there is still a probability of the market being in a mess. Even if there is currently a decline in the Asian market, it is necessary to wait for the confirmation of the short position signal of the random fluctuation indicator, and then wait for the low point to be broken before paying attention to the trading opportunities of short positions within the day.

Copper1Hourly cycle, sourceUltima Markets MT4）

according toUltima Markets MT4InpivotIndicator, daily central price level3.7334，

3.7334Upward bullish, first goal3.7575Second objective3.7862

3.7334Under bearish, first target3.7047Second objective3.6805

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