The Wiseguy Report : December Copper HGZ2023
HGZ2023 --
HGZ2023
NEAR TERM : NEUTRAL
VOLUME STRUCTURE
So far, for the month of September, 70% of the December Copper volume has occurred between 3.8400 & 3.7100, with the highest volume occurring near 3.7900.
PRICE ACTION
December Copper has rejected all its previous interest inside the Value Zone & is seeking price balance somewhere near 3.6000 support. While this may appear Bearish at first, which it is, I am taking caution & anticipating an upside correction from this over-sold condition before becoming truly Bearish.
FUNDAMENTAL FACTORS
- Weak USA Housing Market.
---High USA Mortgage Rates
---Low demand for New & Existing Homes
- China's declining demand due to weak economy
HGZ2023 --
HGZ2023 NEAR TERM : NEUTRAL
VOLUME STRUCTURE
So far, for the month of September, 70% of the December Copper volume has occurred between 3.8400 & 3.7100, with the highest volume occurring near 3.7900.
PRICE ACTION
December Copper has rejected all its previous interest inside the Value Zone & is seeking price balance somewhere near 3.6000 support. While this may appear Bearish at first, which it is, I am taking caution & anticipating an upside correction from this over-sold condition before becoming truly Bearish.
FUNDAMENTAL FACTORS
- Weak USA Housing Market.
---High USA Mortgage Rates
---Low demand for New & Existing Homes
- China's declining demand due to weak economy
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.