Cup and Handle formed on Copper
Price >200 Bullish
21>7 Bearish
RSI <50
Target $4.80
Mixed - Bullish bias
Resources definitely showing upside to come in the medium term, but right now there is a but of a breather which is causing a bit of selling pressure. We need to weather through this sideways range before the market chooses a direction. My bias is up but there needs to be the next catalyst. Also the US Dollar is showing short term strength which is also not great for resources as resources is priced in US dollars. and so when US strengthens the price for resources become less profitable for imports to countries.
Price >200 Bullish
21>7 Bearish
RSI <50
Target $4.80
Mixed - Bullish bias
Resources definitely showing upside to come in the medium term, but right now there is a but of a breather which is causing a bit of selling pressure. We need to weather through this sideways range before the market chooses a direction. My bias is up but there needs to be the next catalyst. Also the US Dollar is showing short term strength which is also not great for resources as resources is priced in US dollars. and so when US strengthens the price for resources become less profitable for imports to countries.
✅ Facebook:
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
✅ Facebook:
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.