Copper Breakout: Bullish Trend After 0.6Fib RetracementI’ve initiated a long position in Copper after a successful retracement to the 0.6 Fibonacci level, which triggered my entry. The bullish trend looks solid, and I am targeting the 0.7 Fibonacci level for my take-profit (TP), aligning perfectly with my point of interest around the 4.800 level. As of now, Copper is facing resistance in the 4.300–4.400 price zone, but a breakout here will prompt me to adjust the stop-loss (SL) and take partial profits. Until the breakout occurs, the trade criteria remain as shown in the chart.
Technical Analysis:
• Entry: Near the 0.6 Fibonacci retracement level.
• Target (TP): 4.800 (aligned with the 0.7 Fibonacci level).
• Stop-Loss (SL): To be adjusted after a clean breakout above 4.400.
• Market Structure: The price has respected the Fibonacci retracement levels and is set for a potential breakout to the upside. The bullish trend remains intact, supported by clean retracement patterns.
Fundamental Outlook:
Copper prices have been fluctuating due to external factors, including China’s economic measures, which have helped support the market. However, half of those gains have retraced as market participants begin to question the scale of the stimulus. Despite this, the long-term view for Copper remains bullish, especially with solid demand linked to the energy transition and rising input costs.
Additionally, factors like U.S. rate cuts and China’s fiscal policies will play a key role in driving future demand. The current short-term outlook remains dependent on stimulus from China, as well as the timing and impact of U.S. rate cuts. Should demand recover, Copper could potentially rally towards the 4.800 level as targeted.
Risk Management:
• The SL will remain flexible, adjusted accordingly based on the price action and breakout strength.
• Partial profits will be taken in the 4.400 range, with the remainder held for the final target at 4.800.
• The position is managed carefully to avoid exposure to market volatility in the lower ranges.
Always remember to Pay Yourself by taking partial profits when the trade moves in your favor!
Note: Please remember to adjust this trade idea according to your individual trading conditions, including position size, broker-specific price variations, and any relevant external factors. Every trader’s situation is unique, so it’s crucial to tailor your approach to your own risk tolerance and market environment.
Copperbuy
Copper MCX chart indicates strong bull run about to startCopper is managed to bounce from 750 level and in last trading session give strong recover from bottom.
On daily time frame made a bullish pin candle near resistance zone.
Breaking above 760 will trigger strong buying and target will be 770 to 775.
Copper back up to $4.40 ?Coppers trading range is narrowing quite a bit.
initially i got my timiing wrong on this (see other analysis), but now seems to be teh right time for a reversal breakout upwards.
expect copper to head up to $4.40. will need to reassess there to decide which way next.
overall long term expecting copper down.
$5: Copper Aiming for New ATH One of the best looking and yet under-rated commodities chart has to be of COPPER.
I know Gold and Silver bugs don't usually get strayed with non-precious metals but technicals are surely juicy if you are able to take a multi year position. My guess is it will be early 2023 when we break through the new ATH.
Notice the divergence of price and OBV + a successful 'price action' breakout in the last 3 months. Wait for another 3 months to absolutely confirm the pattern and then off you go.
Even the last two volume candles are strong (>=MA) which shows consolidation under place.
Inverted Ascending Scallop ComparisonComparison of TOTAL2 and Copper
Similarities can be seen in the formation of a scallop
This may lead to a bullish C wave breakout on copper
I identify this structure as 'weak' due to its lacking of a strong double bottom and slight downward slope, however it is a good chart pattern for accumulation.
Good confirmation of long on Copper:Copper Finally showing some good movement. I have re-opened my copper position and will also be looking to get into some BUY positions on the AUD side.
The reason I say it is confirmed now is that it broke back above the 50 day MA, it's above the 50 RSI and the MACD (looks like) it wants to start heading into positive territory.
The only thing to watch is the stochastic, it looks like it may want to embed, or it may be saying that we are looking at sideways movement for a while on this next run up.
Bullish on Copper - But feel best to wait a bit yet for EntryI think it's just about time to buy copper again, in fact I was flipped the buy signal back on April 24th. However, I am sitting on the sidelines, mainly because I want to see the RSI get back over 50 before jumping back in. Once the RSI can get back above 50 (if it does within the next few trading sessions) I'll be going long copper :)
Fundamentally, Copper should rise from here - but there are a few potential snags that could still weigh heavy on her.