Lower US recession risks
Good labor market data came out in the US. This reduced the risks of a slowdown in the global economy. Will Copper prices continue rising?
Nonfarm payrolls in the United States increased by 266 thousand in November, which is a 10-month high. This can significantly reduce recession risks in the US and global economies. In addition, China announced the abolition of certain duties on US goods, which could be a signal of its readiness to continue trade negotiations with the United States.
On the daily timeframe the Copper: D1 is in an uptrend and has already bounced off from its lower boundary for the 3rd time. A number of technical analysis indicators formed buy signals. The chart breached up the 200-day moving average line. The further price growth is possible in case of an increase in demand for copper in China and the US.
Summary of technical analysis
Good labor market data came out in the US. This reduced the risks of a slowdown in the global economy. Will Copper prices continue rising?
Nonfarm payrolls in the United States increased by 266 thousand in November, which is a 10-month high. This can significantly reduce recession risks in the US and global economies. In addition, China announced the abolition of certain duties on US goods, which could be a signal of its readiness to continue trade negotiations with the United States.
On the daily timeframe the Copper: D1 is in an uptrend and has already bounced off from its lower boundary for the 3rd time. A number of technical analysis indicators formed buy signals. The chart breached up the 200-day moving average line. The further price growth is possible in case of an increase in demand for copper in China and the US.
- The Parabolic indicator gives a bullish signal.
- The Bollinger bands have narrowed, which indicates low volatility. The upper Bollinger band is titled upward
- The RSI indicator is above 50. It has formed a positive divergence.
- The MACD indicator gives a bullish signal.
Summary of technical analysis
Position | Buy |
Buy stop | Above 2.74 |
Stop loss | Below 2.59 |