Binary options on Copper have jumped some 1.97% on yesterday’s trading session and closing underlying asset prices at 3.37. Binary traders have been mainly buyers of Call binary options on the metal. Copper prices faces important resistances for the time being and some pull back could be waiting over next session.
Since late March binary traders have been mainly buyers of Put binary options on the Copper and still running in a downtrend channel clearly defined to pushed prices on lowest levels at $3.22 on previous sessions. On yesterday’s trading session binary traders bought Call binary options on the metal and rise prices over the upper line of the channel at $3.37 who is acting as a major resistance. With stochastic RSI indicators who are running in the overbought territory at 0.854, cooper prices could have some difficulties to climb higher and could test back the main support situated at $3.30. A break of those levels could bring back the Copper prices on lower levels and test the lower Bollinger line at $3.25. On the upside a break and close above $3.42 could change the main bearish picture to get a new upward trend
The information in the above analysis is collected from different sources and should serve for informative purposes only. The author shall not be held responsible for the validity of the presented information. No part of this analysis recommends the purchase or sale of a currency pair or any other financial instrument.