Type:
Bullish Continuation
Key Levels:
Resistance: 801.30
Pivot: 783.50
Support: 764.45
Preferred Case:
On the H4, with price moving above the ichimoku cloud , we have a bullish bias that price will continue to rise from the pivot at 783.50 in line with the overlap support to the resistance at 801.30 in line with the 61.8% fibonacci retracement and 78.6% fibonacci projection . However, we would wait for price to break pivot before going in for the buy.
Alternative Scenario:
Price may reverse off the pivot and drop to the support at 764.45 in line with the horizontal swing low.
Fundamentals:
Copper demand is expected to skyrocket over the next decade as growing demand for renewable energy, electricity infrastructure and electric vehicles increases alongside global carbon reduction targets.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.