CME Copper gains positive traction for a 5th successive day

After closing the previous trading day at $3.88, CME Copper is up to $3.89 per pound, which makes for a move of 0.21%/0.8 cents today.

The MACD index is indicating that momentum is shifting from bearish to bullish following a positive crossover. When the MACD rises above the signal line, it is typically considered to be a bullish development favoring long positions.

Following today's unexpected gains, extensive multifactorial technical analysis forecasts Copper to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the the Copper future is expected to pick up significant bullish sentiment in the coming days.

Furthermore, the market is looking at United States EIA Short-Term Energy Outlook is scheduled for tomorrow at 16:00 UTC.

Copper has recovered 20.95% since descending to a significant low of $3.21 around 9 months ago.