Chart of the day

Where do we stand fundamentally?

Copper is an upside trend due to risk on environment and strong demand from China construction and industry. Analysts now project the slowdown of China's economic construction but it is not visible yet on the market.

Copper is reaching now a strong upside support of 4.420. We are seeing a bounce from it for now and a confirmation of this bounce with a break above 4.6500 will lead to another retest of 5.2000.

We are seeing a bounce from the above-mentioned level which is also the 50% of Fibonacci retracement Feb-May 2024 upside swing.

_{Look for long trade entries with a stop loss below 4.4400 to target 5.2000 and higher.}