Chart of the day - COPPER (23.11.2023)

Media reports surfaced this morning saying that China may allow banks to offer unsecured short-terms loans to developers. This would be the first such case in China in history and would only apply to qualified developers. Still, it would be a significant support for country's builders. Announcement triggered a jump in industrial metals, like copper. Better-than-expected manufacturing PMI readings from Europe, especially Germany, provided a boost for base metals as well.

Taking a look at COPPER chart at D1 interval, we can see that price has recently broken above the upper limit of a bearish channel. Gains were later halted at the 8,450 resistance zone, marked with 200-session moving average (purple line), but price remains nearby and another attempt at breaking above cannot be ruled out. Should we such a break, the next resistance zone to watch can be found ranging above 8,800 mark. Target determined by a textbook range of the upside breakout from the bearish channel can be found slightly above it, at 8,900.

Source: xStation5

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