Copper eyes a more important turn lower – Credit Suisse Copper Metals Banks
Copper maintains the break of its 200-Day Moving Average, which keeps analysts at Credit Suisse biased lower.Copper has stabilized this week but maintains its recent break below its 200-DMA and key range lows at $8,442/8368, with medium-term weekly MACD momentum also recently crossing into negative territory. Furthermore, the market also recently posted a clear weekly close below the key uptrend from 2020, which we viewed as a major breakdown.
Resistance moves to the broken lows and 200-DMA at $8,370/8,442, which we look to cap the market to keep the risks biased directly lower.Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions.
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