Copper is under tremendous selling pressure on a daily time frame. The metal has pierced the Bollinger band and the price is trading well away from its 20day moving average, which means that the volatility is extremely high. The piercing of the Bollinger band does have vital importance when this takes place at an important level of support or resistance because it has the ability to reverse the current trend or pause it.
Moreover, we also have an oversold signal on the RSI indicator which is a further confirmation that the bias could be to the upside.
Important levels
Resistance Zone
3.23-3.17 Minor
3.44-3.38 Major
Support zone
2.90-2.83 Minor
2.72-2.633 Major
Disclosure & Disclaimer:
The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader. by Naeem Aslam