Copper had a big day today. Gaining 1.77% and it is now over its 20 and 200 day moving averages. The area of support from last week held, and it also broke through an area of resistance. It may now go and retest its recent highs.
Lesson of the day...Moving Averages.
On this chart there are the 20, 50 and 200 day moving averages. They are the green, blue and red lines respectively that curve up and down. They are considered lagging indicators that show the average price for that time period. The 20 day represents a monthly price average, 50 a quarter, and the 200 is the yearly average.
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