Copper (LME) ST: the RSI is overbought

Trading Central 2021-02-24 10:13:05

8789.50 is our pivot point.

Our preference: the upside prevails as long as 8789.50 is support.

Alternative scenario: below 8789.50, expect 8512 and 8346.50.

Comment: the RSI is trading above 70. This could mean that either the price is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. The price is above its 20 and 50 day moving average (respectively at 8237.95 and 8050.51). Finally, the Copper (LME) is trading above its upper Bollinger band (standing at 9115.07).

Supports and resistances:

10160.00 **

9989.00 *

9817.50 **


9206.50 last


8789.50 **

The trading strategy containing reference trading prices and analysis opinions is provided by the third-party provider Trading Central.And the trading strategy is only the personal research and judgment by analysts,which is not a statement of facts.No representation or warranty is given as to the accuracy or completeness of this strategy. Consequently any person acting on it does so entirely at their own risk. TOP1 accepts no responsibility for any use that may be made of these comments and for any consequences that result.

6 Reasons To Open An Account

Multi-language 24/7 professional support

Fast, convenient fund and withdrawals

Free demo account $10,000

International recognition

Real-time quotes with push notification

Professional market analysis broadcast