{"id":37836,"date":"2022-11-21T07:49:00","date_gmt":"2022-11-21T07:49:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=37836"},"modified":"2022-11-25T12:04:01","modified_gmt":"2022-11-25T12:04:01","slug":"copper-technical-analysis-no-trend-changes-yet","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/copper-technical-analysis-no-trend-changes-yet\/","title":{"rendered":"Copper Technical Analysis – No trend changes yet"},"content":{"rendered":"\t\t
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The price of copper<\/a> started to fall back from just below the $400.00 level last week after signs emerged that China is once again starting to see large cases of COVID-19 emerging.<\/p>

It was also the case that copper actually tested its key 200-day moving average, whereby it was swiftly rejected. This was the first test of the 200-day moving average this year.<\/p>

China has been locked in months of COVID quarantine has this been a big drag on the copper market recently as COVID-19 harms the domestic economy and the property has reportedly been in dire trouble.<\/p>

The country of China is where 52% of the world’s copper goes. A harsh recession there would badly hurt demand and could balance the market, though much of that consumption is for re-export in products.<\/p>

Copper is usually considered a proxy for global growth. When copper demand is strong it normally means that the Chinese economy is starting to accelerate or is experiencing solid growth.<\/p>

Sentiment towards copper has been the biggest risk in the market over recent months as the market turned heavily bullish towards the red metal. Sentiment towards copper is now bullish.<\/p>

According to the ActivTrader platform some 74 percent of traders are bullish. With the current sentiment bias towards copper, I believe more short-term downside in the red metal seems the most likely scenario.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Copper Short-term Technical Analysis<\/strong><\/p>

The four-hour time frame shows that copper has regained its short-term bullish bias and is now started to move back towards its key 200-period moving average<\/p>

It is also noteworthy that a bearish head and shoulders pattern with a $30.000 upside target has been invalidated. This is very encouraging in the short-term and the risk is a much larger bearish pattern is forming.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Copper Medium-term Technical Analysis<\/strong><\/p>

The larger picture for copper prices remains bearish because the red-metal has been rejected from its 200-day moving average, which is a key benchmark of medium to long-term strength.<\/p>

At the moment the price of copper is also trapped within its lower long-term range. Those with a keen eye will also see that the $400.00 level is key for further upside.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

The price of copper started to fall back from just below the $400.00 level last week after signs emerged that China is once again starting to see large cases of COVID-19 emerging. It was also the case that copper actually tested its key 200-day moving average, whereby it was swiftly rejected. This was the first […]<\/p>\n","protected":false},"author":4,"featured_media":37842,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[201,109,45],"yoast_head":"\nCopper Technical Analysis - No trend changes yet - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/copper-technical-analysis-no-trend-changes-yet\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Copper Technical Analysis - No trend changes yet Copper Technical Analysis - No trend changes yet\" \/>\n<meta property=\"og:description\" content=\"The price of copper started to fall back from just below the $400.00 level last week after signs emerged that China is once again starting to see large cases of COVID-19 emerging.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/copper-technical-analysis-no-trend-changes-yet\/\" \/>\n<meta property=\"og:site_name\" content=\"Youtrading UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/YouTradingEnglish\/\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-21T07:49:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-11-25T12:04:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2022\/11\/adam-rhodes-Y9CRbJNJ65s-unsplash.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"427\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nathan Batchelor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Copper Technical Analysis - 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