Copper- Fundamental Vs Technical
AvaTrade | Apr 09, 2014 07:14AM ET
Fundamental Outlook
Bulls have their confidence renewed after the IMF has upgraded its outlook for the biggest economy of the world which is a positive sign for copper. There is no doubt that recently we have started facing positive news for the metal which has aided it to move higher. We do have the FOMC meeting today, which could bring a little stress for the metal as a result of a strong dollar, but let’s not underestimate that the long term outlook has started to look positive for the metal.
Technical Outlook
I always say that cheap prices always bring more demand and fundamentals hit their limit at that stage and this is what has been reflected by the price. The major support remains at 6413 (2.87) and the next resistance is at 6957 (3.12). The uptrend is strongly intact since it has bounced from its lows.
Important Zone
3.12-3.14 Resistance
2.88-2.90 Support
h3 Disclosure & Disclaimer:/h3The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader. by Naeem Aslam
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