Moving averages generate technical buy signal
After moving sideways for a year between USD 9,000 and USD 10,700, the price of copper peaked at almost USD 10,800 in March 2022. In the summer that followed, the copper price fell sharply and reached a temporary low of USD 7,000 in July. The subsequent price fluctuations are characterized by decreasing intensity, so that the blue triangle can be derived very well. At the end of November 2023, the price then broke out above the upper triangle line – the subsequent back-test phase, which was always successful, led the copper price back to the lower triangle line one last time, from where it then managed to significantly overcome both average lines with a strong impulse in just a few weeks.
Both averages are rising, which is just as positive as the recent successful upward crossing of the 100-day line through the 200-day line – technically a medium-term buy signal.
The indicators shown reflect the upward trend and are positive but not overheated. The MACD already generated a buy signal in November (blue line crosses the red line upwards) – the stochastic did the same four weeks ago (here the green line crossed the gray line upwards). The somewhat more complex ADX indicates the change in trend to the upside by the green line rising above the red line, and the strengthening of the trend can also be seen from the rising blue line. The ROC (Rate of Change) indicator, which tends to show the main trend direction, succeeded in signaling an upward trend change in November by jumping above zero, which is still the case.
Source ariva.de
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