Price action on Copper Futures shows that buyers and sellers have been confined between two ascending lines since the beginning of August, taken from the low of US$4.3325 and a high of US$4.4800. While this offers a potential bearish flag pattern to work with, the base metal is seen rebounding from support between US$4.3810 (6M) and US$4.4590 (1Y), with room for price to continue pushing higher until reaching resistance between US$4.7185 and US$4.6105 (1M levels).
As a result, price could continue to grind higher within the confines of the bearish flag until reaching resistance at US$4.7185-US$4.6105 before sellers attempt to push things lower.
Written by the FP Markets Research Team
As a result, price could continue to grind higher within the confines of the bearish flag until reaching resistance at US$4.7185-US$4.6105 before sellers attempt to push things lower.
Written by the FP Markets Research Team
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