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Copper

Copper to move lower.Copper - Intraday - We look to Sell a break We are trading at overbought extremes. With signals for sentiment at overbought extremes, the rally could not be extended. A higher correction is expected. Rallies should be capped by yesterday's high. Although the bulls are in control, the stalling positive momentum indicates a possible turnaround is possible. Short term MACD has turned negative. Our profit targets will be 33510 and 32850 Resistance: 34800 / 35000 / 35200 Support: 34600 / 34200 / 34000
FX:COPPERShort
by Signal_Centre1
Elliott Wave view: Copper (HG) Still Has Further UpsideShort term Elliott Wave view in Copper (HG) suggests that the dips to 3.11 on November 11 ended wave ((ii)). The metal has resumed higher and ended wave ((iii)) at 3.52. Internal of wave ((iii)) unfolded as a 5 waves impulse Elliott Wave structure. Up from wave ((ii)) low, wave i ended at 3.26 and pullback in wave ii ended at 3.169. The metal resumed higher in wave iii towards 3.3, and pullback in wave iv ended at 3.235. Final leg higher in wave v ended at 3.33. This completed wave (i) in higher degree. The metal then pullback in wave (ii) which ended at 3.28. Up from there, wave (iii) ended at 3.50 with internal also as a 5 waves impulse in lesser degree. From there, dips to wave (iv) ended at 3.43, and wave (v) completed at 3.52. This 5 waves move higher ended cycle from November 11 low in wave ((iii)). The metal then pullback in 3 swing (w)-(x)-(y) which found buyers at the blue box equal leg area. Wave ((iv)) is proposed complete at 3.439 and copper has turned higher from the blue box. It now needs to break above wave ((iii)) at 3.50 to avoid a double correction. As far as wave ((ii)) pivot at 3.11 stays intact, dips should continue to find support in 3, 7 or 11 swing for more upside.
COMEX:HG1!
by Elliottwave-Forecast
Copper turning point?Technical: An hour precision chart indicates possible head and shoulder formation, negative RSI. Day precision chart indicates RSI almost at its 80s and if a divergence is to be build somewhere there is a high chance it is here. Fundamental: Low stockpile of copper in China has inspired a rally but at this level of stockpile ALWAYS in the past we have seen a move that rebuilds it fast within a month. Take profit 2.5 It would be great to see gold retest 1850 from bottom and then all commodities could initiate a simultaneous correction. In the long term commodities (obviously not all of them) can only rise.
COMEX:HG1!Short
by deejayzajac
ridethepig | Base Metals StrategyThe linkage between base metals and the rate differentials is unknown to many in the pseudo-classical school of TA, which believe only in absolute correlation; as you all know the supply disruptions and pandemic related closures triggered the waterfall but we are not out of the woods yet...Remember we still have the demand side shock to play into price too, this will allow us to complete a 'wave 2' pullback with an ABC correction. The revisions down in mining supplies was enough to spark an interest in buyers, and now that most believe we have seen the worst from the demand side it is allowing Copper to form a MT and LT base formation. Those tracking the mining projects in Brazil will know the announcements for a restart in operations have already started. This is going to keep Copper and Steel in particular in strong bid. 📍 On the positioning side, after the healthy (in a technical sense) neutralisation of the entire commodity board we have cleared both sides of the extremes and positioning is currently neutral. The majority must not be allowed on this train, or else the threat of an over-crowded wedge would be disastrous. Take for example what happened against Oil, the boat was fully loaded and we got the historic shakeout: Eyeballing a test of 2.3 as the value area to re-engage with bullish exposure. We can then bring about the transfer from the wave 2 retrace into an impulsive wave 3. This will be excellent training for those wanting to dig deeper into wave theory and understand the complicated motifs. As usual, thanks for keeping the support coming with likes, comments, charts and etc!
OANDA:XCUUSDLong
by ridethepig
Weekly copper market review 11/30/2020.Support us by consulting our free daily magazines with color stock charts and weather maps on our commodity-market-review.com website. TECHNICAL ANALYSIS OF COPPER Last week, COMEX copper futures closed higher at $3.4010 per pound, the highest value since late 2013. Speculative trading is pushing copper prices higher, with net positions of the net commitments of traders at +68K being on historical highs. Copper stocks are historically low and declining. They stand at 317706 MT, a decrease of more than 3%, or nearly 10,000 MT. Inventories in Shanghai have fallen by 74.5% since the end of March, and given the forecast deficit of the red metal, the trend should continue in the coming months. Last week, the US and Euro zone manufacturing PMIs came out at 56.7 and 53.6 respectively. On Monday, China's Manufacturing PMI came out at 52.1. This confirms the good resilience of the manufacturing sector in general, as a reminder a figure above 50 indicates an expansion of the sector. The Euro zone and the US followed an 8th month of expansion and China a 9th. Internationally, the prospect of Janet Yellen, former FED president, becoming Secretary of the Treasury in Joe Biden's future administration, and the hope of a vaccine is fuelling markets. Many countries are preparing vaccination campaigns. Investors are also anticipating a massive stimulus package, with increased government spending, which is weakening the dollar. The dollar is still low and in a downward trend, the DXY closes at 91.790. While waiting for a vaccine, the pandemic is not weakening. We have just passed 62 million cases worldwide, with more than 1.460 million deaths. The United States is the most affected country with more than 267,000 deaths and more than 13 million cases. ECONOMIC RESULTS - Last week, manufacturing PMIs in the Euro-Zone came out down to 53.6 in November from 54.8 in October. U.S. manufacturing PMIs rose to 56.7 in November from 53.4 in October. - On Monday, China's manufacturing PMIs stood at 52.1 in November compared with 51.4 in October. - On Tuesday, Caixin Manufacturing PMI, Euro-zone Manufacturing PMI and Inflation, U.S. Manufacturing PMI and ISM Manufacturing PMI. - On Wednesday, Euro zone unemployment and U.S. job creation. - Thursday, retail sales in the Euro zone, U.S. unemployment registrations. - Friday, the report on U.S. employment and industrial orders CERTIFIED COPPER STOCKS - London Stock Exchange copper stocks are down to 150775 MT from 157350 MT last week. - Copper stocks on the Shanghai Stock Exchange decreased to 92912 MT from 96766 MT the previous week. - Copper stocks on the New York Stock Exchange were down to 74019 MT from 74290 MT the previous week. - Total copper stocks were down to 317706 MT compared to 328406 MT the previous week. Total copper stocks are below the five-year average. THE DOLLAR The DXY index representing the Dollar against a range of foreign currencies closed last week down to 91.790, and the trend is still bearish. This is the first close below the 92 resistance level in almost 2 1/2 years. The presumed appointment of Janet Yellen as U.S. Treasury Secretary and Joe Biden's talk of a massive $3 trillion support package weighed on the Dollar. Forex traders are anticipating an increase in the money supply. In addition, U.S. unemployment figures, consumer confidence indexes and inflation figures disappointed last week. A low Dollar is generally favorable to the Dollar-denominated commodities markets.
COMEX:HG1!
by Commodity-market-review
Copper is heading towards support, potential rise!We are seeing a medium-probability bullish scenario as price approaches our first support area at 3.30102, where we could see a further rise at this level towards our first resistance at 3.34271. It is worth noting that price continues to trend above the Ichimoku cloud and ascending trendline, which shows bullish pressure. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
OANDA:XCUUSDLong
by Tickmill