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April 17, 2023While CME Copper is on a 10 day uptrend Today's session might suggest a slow down — CME Copper trades at $4.11 per pound, after ending Friday at $4.11.
Concerning technical analysis and more specifically, trend indicators, investors are seeking long positions as Copper price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Asset volatility analysis shows that the Copper future's upper Bollinger Band® is at $4.15, suggesting that a downward move may follow.
Overall, while Copper has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Building Permits (Mar) scheduled to come out tomorrow at 12:30 UTC.
The past 6 months have been positive for Copper as it appreciated 18.94%, having traded as low as $3.21.
