{"id":40314,"date":"2023-01-11T06:59:00","date_gmt":"2023-01-11T06:59:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=40314"},"modified":"2023-01-12T13:12:50","modified_gmt":"2023-01-12T13:12:50","slug":"copper-technical-analysis-400-00-breakout","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/copper-technical-analysis-400-00-breakout\/","title":{"rendered":"Copper Technical Analysis – $400.00 breakout"},"content":{"rendered":"\t\t
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The price of copper<\/a> started to break above the $400.00 level due to increased risk-on sentiment and due to the reality that COVID-19 restrictions are starting to ease in China.<\/p>

With the breakout above $400.00 gathering momentum it seems that the trend in previous metals is spreading to copper price, which could move into a new and much higher time frame.<\/p>

When copper demand is strong it normally means that the global and economy Chinese economy is starting to accelerate or is experiencing solid growth. Usually, the red metal is considered a proxy for global growth.<\/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>

Sentiment towards copper has been a big catalyst for copper prices. Sentiment towards copper is now extremely bearish, with retail appearing to be caught on the wrong side of the trade.<\/p>

According to the ActivTrader platform 78 percent of traders are bearish. With the current sentiment bias towards copper, I believe more short-term upside 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 breaking above 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 the top of large ascending price channel.<\/p>

At the moment the price of copper is testing trendline resistance, which has previously been a big rejection point for the red metal on previous breakout attempts.<\/p>

I would suggest keeping a close eye on the $410.00 level for further breakout towards the $440.00 area or a rejection back towards the $395.00 level.<\/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 break above the $400.00 level due to increased risk-on sentiment and due to the reality that COVID-19 restrictions are starting to ease in China. With the breakout above $400.00 gathering momentum it seems that the trend in previous metals is spreading to copper price, which could move into a […]<\/p>\n","protected":false},"author":4,"featured_media":40320,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[201,109],"yoast_head":"\nCopper Technical Analysis - $400.00 breakout - 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-400-00-breakout\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Copper Technical Analysis - $400.00 breakout Copper Technical Analysis - $400.00 breakout\" \/>\n<meta property=\"og:description\" content=\"The price of copper started to break above the $400.00 level due to increased risk-on sentiment and due to the reality that COVID-19 restrictions are starting to ease in China.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/copper-technical-analysis-400-00-breakout\/\" \/>\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=\"2023-01-11T06:59:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-12T13:12:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2023\/01\/GettyImages-92118817.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"668\" \/>\n\t<meta property=\"og:image:height\" content=\"384\" \/>\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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