While CME Copper in the midst of a 9 day downtrend, Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. After closing the previous trading day at $3.98, CME Copper is up to $4 per pound, which makes for a move of 0.18%/2 cents today.
Copper's lower Bollinger Band® is at $3.94, indicating that the market is oversold and fertile for new buyers.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts CME 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.
While CME Copper is higher so far today, these Metals commodities are underperforming: after ending Friday's session at $1,138.7, Platinum lost $21.5 and is trading around $1,117.2. Palladium is down $21.4 from the beginning of the session and now trades around $1,586.
Also worthy of note, United States Consumer Confidence expected to decline to 104 while its preceding data was 104.2, data will be available tomorrow at 14:00 UTC.
Furthermore, the market is looking at United States Building Permits is expected tomorrow at 13:30 UTC. United States New Home Sales (Mar) is scheduled for tomorrow at 14:00 UTC.
CME Copper is now trading 6.26% below its 3-month high of $4.57.