The situation around the copper does not look good at all. In our previous analysis, we expressed our concern that the industrial metal was facing problems, especially if it kept below 6315, starting its "descent" to the 200 movign average.
After a short adjustment to the 50-year average, the price collapsed due to the worse data for the Chinese economy, which again shadowed the world economy and, accordingly, weak demand. With this breakthrough, copper is no longer in range. We also have a breakthrough in the ascending diagonal. Fundamentally, things turn to copper, and pressure remains urgent on the part of the bears, considering the current factors. Test up to 200 - period seems already inevitable, with the price still having to test the area around 6170 - 6180.
Alternatively, the foundation will improve and the price will withstand the test at 200 times, with a short-term upward correction possible.
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