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Copper Futures HG1!

Copper testing bounds of decade necklineCopper is interestingly a great gauge of economic health coming from Asia, and also a relevant view on global growth / inflationary expectations. We've been battling two head and shoulder formations since the GFC. First, the very large commodity bubble formed a big head and shoulders that peaked roughly around 2012, a time where China had maxed out its credit expansion. We got a smaller head and shoulders in the post 2015-2016 deflationary episode that tested the original trendline and bounced during the 2016-2018 bull market. The smaller head and shoulders finally broke down, which led to Copper testing the boundary of the bigger head and shoulders. I expect this to break, although there will likely be some testing of this first. Note: this is not just a technical move. There are many fundamental reasons Copper is breaking down, mostly macro related to USD strength, asian weakness, over-expansion of Chinese credit, weakening demand, etc etc. Copper interestingly mirrors the Korean Kospi index very closely, and that is also breaking down from a major long term trendline right now. Expect more deflation, and some big market problems when this finally confirms the break of the lower trendline.
COMEX:HG1!
by GTStockmaster
Elliott Wave View: Copper Expected to Turn Lower SoonShort Term Elliott Wave structure in Copper suggests the rally to $2.64 ended wave (2). The metal has since resumed lower in wave (3). The internal of the move lower is unfolding as an impulse Elliott Wave structure. Down from 2.64, wave ((i)) ended at $2.578, wave ((ii)) ended at $2.626, wave ((iii)) ended at $2.547, wave ((iv)) ended at $2.575, and wave ((v)) ended at $2.49. This move lower from August 14 high (2.642) to 2.49 completed wave 1 in the higher degree. Wave 2 bounce is currently in progress to correct the cycle from August 14 high. The internal of the rally is proposed to be unfolding as a double three Elliott Wave structure. Up from $2.49, wave ((w)) ended at $2.549 and wave ((x)) ended at $2.528. Wave ((y)) of 2 is expected to reach the blue box area of 2.587 – 2.623. From this area, Copper should then resume lower or pullback in 3 waves at least. We don’t like buying the metal. Expect the metal to find sellers and extend lower soon or at least pullback in 3 waves as far as pivot at 2.642 high stays intact.
COMEX:HG1!Short
by Elliottwave-Forecast
Copper: Buy Opportunity after a successful 1M Support test.Copper has touched the 1M Support (2.5400 - 2.5300) on the first week of August and has been rising since. This indicates that this long term demand level may once again accumulate long term buyers. It is still though on the early stages as 1D remains mostly on neutral grounds (RSI = 46.067, Highs/Lows = 0.0016, MACD = -0.018) so investors still have time to enter. The Resistance levels on 1D are two: 2.74500 provided by the MA200 and 2.8000 - 2.84000 provided by the symmetrical Resistance Zone. ** If you like our free content follow our profile (www.tradingview.com) to get more daily ideas. ** Comments and likes are greatly appreciated.
OANDA:XCUUSDLong
by InvestingScope
HG1! - COPPER FUTURES - What to expect on DAILY/PREDICTIONI picked a random futures chart and copper seemed to have a nice setup in process. Might actually take this trade. Red circle shows closes above last move down to make our low, signaling possible trend reversal. At this point we are now in the middle of the pullback and it looks like it might make the desired higher low. This is where I would get long and take profits as it pushes to make the swing upward. Green hand drawn line is my predicted path of price action, just for fun. NOT TRADING ADVICE. TRADE SAFE.
COMEX:HG1!Long
by SatoriTrades
Copper: Significant upside potential.Copper is on a 4H bullish leg (RSI = 62.650, MACD = 0.014, Highs/Lows = 0.0064), after finding support around 2.6000. It just crossed (marginally) above the MA50 and on similar patterns since September 18, this calls for a bullish extension at least towards 2.8400, which is our TP. Breaking above the MA200 enhances the probability for a test at the 2.95000 1D Resistance. ** If you like our free content follow our profile (www.tradingview.com) to get more daily ideas. ** Comments and likes are greatly appreciated.
OANDA:XCUUSDLong
by InvestingScope
4
Copper: the weak hands have been shaken out.Massive extensions are not uncommon: Weekly chart: The indices falling would not cause the price of copper to fall, this did not happen previous it is not true that the price is tied to the economy as what is told. Also chinese people use copper as a safe store for their money. Price went down in 2008 but this is irrelevant. Went up in 2000-2007. Giants China and India are urbanising, demand for copper long term is up up up up. Tech needs more and more copper. No brainer. Why wouldn't the price go up?
COMEX:HG1!Long
by MrRenev
6
Copper: +7% bullish potential.Copper is on a standard 1D bearish sequence (RSI = 39.990, MACD = -0.034, Highs/Lows = -0.0234) that has just (marginally) crossed the 2.74170 Support. With the RSI however approaching the 32.800 mark, a bullish reversal alert is triggered as the last 4 times that the price bounced near or just below this mark, Copper gained +7 to +8%. Assuming that happens now we are looking at a 2.9000 target. If it takes place lower (-3.85% lower by the previous occurrence), we expect 2.80000. ** If you like our free content follow our profile (www.tradingview.com) to get more daily ideas. ** Comments and likes are greatly appreciated.
OANDA:XCUUSDLong
by InvestingScope
Green Shoots, Bronze RootsCopper prices are beginning to break down as a confluence of indicators support further decline. Within Monday's weekly note to subscribers, to wit: But, there is a divergence between the Chinese "green" shoots and the commodity complex. Especially, if you look at mining and base metals, they do not confirm the rally in Chinese manufacturing. Copper is continuing to consolidate - not confirming the China bump. In fact, a continuing decline in the global trade data will begin to weigh on sentiment. Admittedly early, we still see the CNYUSD as the primary catalyst for copper going forward. If the yuan begin to weaken, copper will retest the 2016 "global synchronized recovery" uptrend at 2.62. If we look at copper and the Chinese 10-year yield, the duo trend very well with the 20-month correlation strong: As markets look for green shoots out of China, the 10-year yield has rallied steadfastly; but, if markets begin to doubt China's recovery, we could see yields recouple. Currently, copper has tagged the TACVOL range bottom. Unless factors begin to change, we'd be sellers of rallies.
COMEX:HG1!
by TheMacroStrategist