The 3 month LME copper price generated a technical buy signal on Friday, and is the first of the major base metal prices to do so
QMG Pty Ltd
The 3 month LME copper price generated a technical buy signal on Friday, and is the first of the major base metal prices to do so. (Copper previously generated a technical sell signal at US$6885 on 14/8/14 and subsequently retreated to a low of US$5353 on 14/1/15). The rally on Friday resulted in a close above the US$5900 resistance barrier, which was the requirement for a technical buy signal to be activated. The copper price technical outlook has accordingly turned positive, with the expectation for further upside from current levels. As outlined in previous wires, it is common for the stock technicals to lead related commodities ( BHP and RIO had generated technical buy signals prior to the buy signal on copper).
Angela has over 30 years experience in the technical analysis field. She provides technical analysis coverage of major Australian and global stocks / key markets, including provision of a bespoke technical service to wholesale clients.