We published neutral sentiments on Copper, expecting the pair to continue its extended corrective structure above our support zone i.e 61.8% fibo retracement level 9171.70 and 50% fibo 8690. The aforementioned are acting as a strong support, preventing the Copper metal from facing any further losses. Copper managed to break above the upper trend line but the move was limited by the exponential moving average 50 in daily time frame, however, the exponential moving average 200 on the other end became ground for Copper to gain some stamina before deciding its further projections in the market. In the four hourly time frame, we can observe that Copper is trading below the Senkou Span A and B of the ichimoku cloud which are acting as immediate resistances along with exponential moving average 50 and 200 in the daily time frame. 

BULLISH AND BEARISH CONDITIONS/ POSSIBILITIES :

The relative strength index near 50 while MACD is shifting the momentum from bearish to bullish in the four hourly chart but the markets psychological levels and structure cannot be clearly determined with its future expected projections at the moment. However, the dust will settle down once we receive a vivid impulsive breakout; on the bullish side, above our upper trend line and 9705 - which would open the doors towards 10,000 mark. On the bearish side, we would need Copper to break below 50% fibo, which would turn the current support into resistance and open doors towards further losses by diving at 8209 i.e 38.2% fibo retracement level. 

COPPER

Oct 02 2021