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Copper price forecast

ByVictoria

The EV industry in China and the world is already booming; pumping copper’s status as “the new oil”. As such, the red metal is set to rise above the current uncertainties to record significant gains in the medium to long term.

Copper has also jumped above the 50-day moving average, while the Relative Strength Index (RSI) has continued rising. Therefore, it will likely rebound and retest the key support at $5 in the coming weeks.

Source – Invezz

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RSI (Relative Strength Index) – is a technical indicator intended to chart the current and historical strength or weakness of a stock or market based on the closing prices of a recent trading period.

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