Copper technical setup bearish despite positive data
While technical setup is bearish for copper, recent data from China and US painted a picture of recovery in economic activities in both countries. Thus, both manufacturing and services sectors continued expanding in China in July according to Caixin PMI reports (though services expansion slowed). And in US the manufacturing sector grew in July as evidenced by the Institute for Supply Management Purchasing Managers’ Index, and US factory orders rose 6.2% over month in June to mark the second increase in a row. The rebounding of economic activity after coronavirus shutdowns is an upside risk for copper price.
| Indicator | VALUE | Signal |
|---|---|---|
| RSI | Neutral | |
| MACD | Sell | |
| Donchian Channel | Sell | |
| MA(200) | Buy | |
| Fractals | Sell | |
| Parabolic SAR | Sell |
| Order | Sell |
| Buy stop | Below 2.839 |
| Stop loss | Above 2.9551 |
Market Analysis provided by IFCMarkets.com
Free Reports:
Source: Stephen McBride (4/27/26) Stephen McBride of RiskHedge shares what he believes is one of…
By JustMarkets On Monday, the US stock market showed mixed dynamics. By the end of…
By Analytical Department RoboForex USD/JPY edged lower on Tuesday, touching 159.26. The Bank of Japan…
By JustMarkets By the end of the day, the Dow Jones Index (US30) fell by…
By Analytical Department RoboForex Gold fell below 4,700 USD per troy ounce on Monday, extending…
By InvestMacro Here are the latest charts and statistics for the Commitment of Traders (COT)…
This website uses cookies.