Copper - Correction Ahead
1. Fundamental Analysis
- US Housing Data was quite disappointing.
- Equity market decline & the fear of rising US interest rates.
- In addition, I think copper market is waiting for news which comes from US ( US government's plan for boosting produce electric vehicles) and China (confirmation about speculative buying and demand through readings of Shanghai copper warehouse stocks).
2. Technical Analysis
- This market seems overbought, and there's a sign that people are taking profit.
- Currently, i think copper contracts are moving in a range | sideway (4.08 - 4.37).
- Intraday, prices can climb higher and reach a zone (4.30 - 4.33). It could be a good opportunity for sell to probe the strength of the market)
1. Fundamental Analysis
- US Housing Data was quite disappointing.
- Equity market decline & the fear of rising US interest rates.
- In addition, I think copper market is waiting for news which comes from US ( US government's plan for boosting produce electric vehicles) and China (confirmation about speculative buying and demand through readings of Shanghai copper warehouse stocks).
2. Technical Analysis
- This market seems overbought, and there's a sign that people are taking profit.
- Currently, i think copper contracts are moving in a range | sideway (4.08 - 4.37).
- Intraday, prices can climb higher and reach a zone (4.30 - 4.33). It could be a good opportunity for sell to probe the strength of the market)
