{"id":38579,"date":"2022-12-06T06:57:00","date_gmt":"2022-12-06T06:57:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=38579"},"modified":"2022-12-06T22:07:44","modified_gmt":"2022-12-06T22:07:44","slug":"copper-technical-analysis-potential-trend-change","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/copper-technical-analysis-potential-trend-change\/","title":{"rendered":"Copper Technical Analysis – Potential trend change"},"content":{"rendered":"\t\t
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The price of copper started to rise after news that COVID-19 restrictions are starting to ease in China. The latest instance is that Shanghai has started to ease COVID-19 measures caused risk-on assets to rally.<\/p>

After the lockdown protests in the week prior, it has been a big change of pace in China’s plans in dealing with the pandemic, the question is still how a major re-opening for China will play into global inflation developments.<\/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<\/a> 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 67 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 former range high, around the $395.00 level.<\/p>

It is also noteworthy that a bearish head and shoulders pattern with a $40.000 upside is close to being invalidated. Invalidation of the pattern would be very encouraging in the short-term.<\/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 is now testing back towards 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 rise after news that COVID-19 restrictions are starting to ease in China. The latest instance is that Shanghai has started to ease COVID-19 measures caused risk-on assets to rally. After the lockdown protests in the week prior, it has been a big change of pace in China’s plans in […]<\/p>\n","protected":false},"author":4,"featured_media":31048,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[737,201,109],"yoast_head":"\nCopper Technical Analysis - Potential trend change - 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-potential-trend-change\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Copper Technical Analysis - Potential trend change Copper Technical Analysis - Potential trend change\" \/>\n<meta property=\"og:description\" content=\"The price of copper started to rise after news that COVID-19 restrictions are starting to ease in China. 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