Copper: Evidence from China open the way down

By | August 3, 2015

Copper remains pressurized. In favor of further reduce red metal show several factors. As one of them are the market sentiment: commodities at this stage is clearly not in demand. But the main pressure on the price of copper has negative statistics from China, which is its largest consumer in the world (on a share in the heavenly places account for around 48%). The published data on the index of business activity in the industrial sector of the country reflected the decline to 50.0 vs. 50.2. Thus, the figure went up to the edge, separating the growth zone by zone recession.

In the district level 2.3590 quotes formed intermediate resistance. In the short term, this barrier can be a good starting point for the resumption of sales of metal. Subject to rebound from it, bears can be activated with a new force that will send a quotation on down to the nearest target at 2.3020.

copper chart
Copper chart

 Trading analytics

Cooper (HG)   –   sell copper   –   Entry price: 2,3590. Goal: 2,3020. Stop loss: 2,3923.

Warning: Profitability in the past does not mean profitability in the future. Any projections are for informational purposes and does not guarantee a result.

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