The chart appears to analyze copper CFDs on a daily timeframe

5 hari yang lalu

The copper market is showing bearish tendencies, with price breaking below a critical symmetrical triangle pattern. Here are the key insights:

1.Technical Breakdown:

• Price recently broke the lower boundary of the triangle, signaling a potential continuation of the downtrend.
  
• Strong selling pressure is reflected by increased volume.
  

2.Support Levels to Watch:

• Immediate support: $4.00 (psychological level near the 50% Fibonacci level).
  
• Key support: $3.85 (61.8% Fibonacci retracement and ascending trendline).
  

3.RSI and Momentum:

• RSI still hovers above oversold levels, leaving room for further downside.
  
• Moving averages suggest sustained bearish momentum.
  

4.Risk and Opportunity:

• Traders should watch for a retest of the triangle's lower boundary (~$4.20) as potential resistance before further declines.
  
• Break below $4.00 could open doors for $3.85.
  

📊 What are your thoughts on copper's next move? Let me know in the comments!