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Copper

Dr Copper is telling us deflation is comingAt the beginning of June I put out an idea about shorting Copper . The market didn't do me the favor to get up to my entry, as I ignored past resistance. Probably got a little greedy too. Currently copper is sitting at support and could bounce up to 4$, maybe even up to 4.25$. However in the long term, I see it go much much lower. In my opinion we are in a global recession, and probably even in a global depression. As interest rates and energy costs have risen rapidly, the demand for many things has gone down. We haven't seen the full effects of too much debt + lockdowns + WW3 + not enough energy production yet, but we are getting there. Copper going down is just the first step, and this could turn really really ugly. The 2006-2008 top on Copper looks pretty similar to this one. Huge rally up, consolidation, attempt to breakout, failure, massive collapse. This time around we had a shorter cycle due to the lockdowns + stimulus + low rates + ESG , but this situation is truly reversing. We have no lockdowns, no stimulus, high rates and the ESG movement is clearly losing steam. Overall volume is low and that's a sign that demand for Copper isn't all that high. It was mostly supply being low, and not demand being high. So how low could we go? The truth is that for some time this could be a bottomless pit. However, I believe the bottom will come in the 1.5-1.9 area, as the market needs to sweep the double bottom at 1.9. In terms of technical analysis this is the area anyone should be targeting. Once we get there, we could see a swift reversal as the Fed and all central banks are forced to cut rates and print money once again, in order to save the system from collapsing. They are stuck between a rock and hard place, and although they are doing their best to fight inflation now, they will soon be trying to fight deflation.
COMEX:HG1!
by BitcoinMacro
LONG ON COPPER - Will This Chart Save us From Recession Worries?It probably won't but a relief rally could be in play. Watch Our Bronze Age Bitcoin Video today: The Bronze Age followed the Stone Age and began around 4000 years ago. The Iron Age followed the Bronze Age and began around 3000 years ago. That's some time ago, yes. Could Bitcoin play a role as the beginning of a 'new age'? Sure.. it's a trustless system in a stupid planet with no trust between it's 'nations'. Funnily enough, I come from the island of Cyprus. 🏖️🌴🐬 Cyprus was famous in antiquity for its copper resources. In fact the very word copper is derived from the Greek name for the island, Kupros. Watch this if you like history: www.youtube.com Copper Price as an indication of what happens next: The price of copper is largely influenced by the health of the global economy. This is due to its widespread applications in all sectors of the economy, such as power generation and transmission, construction, factory equipment and electronics. Sometimes referred to as Doctor Copper , the base metal is seen as a reliable leading indicator. A rising market price suggests strong economic health, while a decline suggests the opposite. So we keep having many Copper related articles lately: Copper has entered a bear market , which may indicate a stronger chance that recession is coming. OUR ANALYSIS: We had shared with YOU, HERE a perfect short on Copper last summer: COPPER- Poised for a Correction At this stage we see Copper on MAJOR SUPPORT and this is only Good news: snapshot Hope it all makes some sense. If you Like the idea, we Like to see you Liking our post. One Love, the FXPROFESSOR
COMEX:HG1!Long
by FX_Professor
4
Bitcoin Today: Let's Talk about 'BRONZE AGE'The Bronze Age followed the Stone Age and began around 4000 years ago. The Iron Age followed the Bronze Age and began around 3000 years ago. That's some time ago, yes. Could Bitcoin play a role as the beginning of a 'new age'? Sure.. it's a trustless system in a stupid planet with no trust between it's 'nations'. Funnily enough, I come from the island of Cyprus. 🏖️🌴🐬 Cyprus was famous in antiquity for its copper resources. In fact the very word copper is derived from the Greek name for the island, Kupros. Watch this if you like history: www.youtube.com Copper Price as an indication of what happens next: The price of copper is largely influenced by the health of the global economy. This is due to its widespread applications in all sectors of the economy, such as power generation and transmission, construction, factory equipment and electronics. Sometimes referred to as Doctor Copper, the base metal is seen as a reliable leading indicator. A rising market price suggests strong economic health, while a decline suggests the opposite. So we keep having many Copper related articles lately: Copper has entered a bear market, which may indicate a stronger chance that recession is coming. OUR ANALYSIS: We had shared with YOU, HERE a perfect short on Copper last summer: At this stage we see Copper on MAJOR SUPPORT and this is only Good news: Hope it all makes some sense. If you Like the idea, we Like to see you Liking our post. One Love, the FXPROFESSOR
Long
by FX_Professor
5
Copper looks weak! Copper’s ability to predict turning points in economic cycles and gauge the overall health of the global economy is so strong that the base metal has earned the nickname “Dr. Copper” among insiders in the commodities markets. Falling copper prices are often viewed as a leading indicator of an impending economic downturn owing to the metals’ wide variety of use cases in electrical, industrial, and transportation applications. And over the past few months, “Dr. Copper” has been sounding the alarm loud and clear. Copper futures on the benchmark London Metal Exchange have fallen from highs of $10,730 per tonne in March to just $8,575 as of Thursday’s close, a more than 20% drop, which officially puts the metal into a bear market. Using Nasdaq’s measure of copper prices, the metal has fallen over 17% in just two weeks and is now trading at just $3.74 per pound, after hitting a high in March of over $4.94.
COMEX:HG1!Short
by UnknownUnicorn38289576
Copper is in a death cross: $3.5 is the next crucial supportThis week, copper plummeted to fresh 52-week lows, breaking below the $4 per pound support level held since April 2021. Prices have now reached oversold territory as the 14-day RSI went below 30 this week, and is currently trading at 22, reflecting the brown metal’s severe sell-off. Moving averages have also created a so-called death-cross pattern, with the 50-day crossing the 200-day, possibly indicating a shift from a bull to a bear market. Copper sales have surged as recession concerns grew significantly, especially in the United States. Inflationary pressures in many nations of world are much harder to control than expected, and they are also widespread in goods and services not directly connected to energy prices, requiring higher interest rates that would inevitably slow economic activity. Copper , being one of the most sensitive commodities to the economic cycle, suffers substantially during phases of slowdown in the US ISM Manufacturing index , as we explained in this analysis . Copper prices are presently testing the $3.7 resistance level established in January ’21 and are down 27% from their March ‘22 highs. Below this level, the $3.5 pound support in December 2020 and January 2021 could be tested. This is a crucial threshold for the Fibonacci retracement analysis since a fall below the 50% level would boost bearish' convictions and confirm the presence of a copper's bear market.
CAPITALCOM:COPPER
by Capitalcom
COPPER High probability for a reboundCOPPER (HG1!) has been trading within a Channel Down ever since the March 07 High caused of the Russia - Ukraine war escalation. Right now the price isn't just approaching the Channel's Lower Lows trend-line (bottom) but also the March 04 2021 Low of 3.8500. With the RSI dropping below the oversold 30.00 barrier on the 1D time-frame and making a Double Bottom. the market may soon reverse towards the Channel's top again. The last time we saw all these parameters aligned in the same order was during the May - August 2021 Channel Down, where the price after the RSI Double Bottom on the 30.00 mark, it rebounded above the 0.618 Fibonacci to the top (Lower Highs trend-line) of the Channel. Our strategy is to initially settle for a short-term target just below the 0.618 Fib extension at 4.3000 and then re-evaluate as a break above the 1D MA200 (orange trend-line) is most likely needed in order to reverse the trend completely. If on the other hand 3.8100 breaks, we expect a sharp sell-off towards the 3.4500 Low of December 10 2020, where the price can also make contact with the 1W MA200 (red trend-line). -------------------------------------------------------------------------------------------------------- Please like, subscribe and share your ideas and charts with the community! --------------------------------------------------------------------------------------------------------
COMEX:HG1!Long
by TradingShot
2
Copper Futures setting up for a potential long tradeCopper / HG Futures market may be setting up for a move back to the upside. After a huge expanding bullish candle in the beginning of June that saw price blast through the volume Point of Control (POC) which goes back to October last year the price then immediately reversed and we have seen a sell off for the majority of this month. However yesterday we saw a spinning top candle form at a critical point which had been a support level, this has also painted bullish divergence on the RSI indicator. Further to the above technical analysis we have also seen net buying activity from commercial operators which indicates a slight under supply : demand imbalance. On many occasions large commercial buying can lead to a price hike as supply squeeze takes hold. Lastly commodity seasonal reports also show that copper does have a tendency to sell off in the beginning of June but then turns around at the end June and price upwards again through until end of July before dipping again coming into August. I would like to see price close above yesterdays close and hold above ~$4.05 which is roughly a support zone. Ideal entries could be above yesterdays high with price targets at ~$4.25 and / or ~$4.40, which are both just below previous support and resistance levels and large volume clusters. However if price cannot break above and hold $4.05 and instead falls and closes under $4.00 then I would not be looking at any long trades.
COMEX:HG1!Long
by gary_trades
Copper Is Forming A Bullish Running Triangle PatternHello traders, today we will talk about copper, its price action from technical point of view and wave structure from Elliott wave perspective. Copper is trading sideways since May 2021 and we see it trapped in consolidation, ideally within a bullish running triangle pattern in wave (4). Triangles are overlapping five wave affairs A-B-C-D-E that subdivide 3-3-3-3-3 as an a-b-c. They appear to reflect a balance of forces, causing a sideways movement that is usually associated with decreasing volume and volatility. Triangles fall into four main categories i.e. ascending, descending, contracting, expanding. It is quite common, particularly in contracting triangles, for wave b to exceed the start of wave a in what may be termed a running triangle. Triangles, by far, most commonly occur as fourth waves. Triangles are very tricky and confusing. One must study the pattern very carefully prior to taking action. Prices tend to shoot out of the triangle formation in a swift thrust. When triangles occur in the fourth wave, the market thrusts out of the triangle in the same direction as Wave 3. Well, looking at the daily chart of copper, seems like it has completed a three-wave a-b-c decline for wave C and it's already trading now in final stages of "c" of wave D, so final leg E yet to come before rally back to highs for wave (5)? Technically speaking, we see intraday resistance for wave D around 4.6 - 4.8 area, from where we may see final wave E slow down back to 4.3 - 4.1 support zone. Trade well! If you like what we do, then please like and share our idea. Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
COMEX:HG1!Long
by ew-forecast