Copper CMP 709, looks like going towards 750 tgtCopper CMP 709, looks like going towards 750 tgt
copper looks like completing a 5 wave down move and should give a good retracement till wave 4 of smaller degree
Copper Futures HG1!
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.
Copper Sell into 20 EMA.XCUUSD - Intraday - We look to Sell at 4.099 (stop at 4.135)
Our short term bias remains negative.
There is no clear indication that the downward move is coming to an end.
20 4hour EMA is at 4.100.
Preferred trade is to sell into rallies.
Our profit targets will be 4.011 and 4.001
Resistance: 4.050 / 4.100 / 4.130
Support: 4.000 / 3.950 / 3.900
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).
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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.
Playing Dr.Copper DownsideIn this update we review the recent price action in the Copper futures contract and identify the next high probability trading patterns and price objectives to target
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.
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Jamie Gun2Head - Selling CopperTrade Idea: Selling Copper after 78.6% resistance
Reasoning: Intraday head and shoulders top, looking to hit measured move target
Entry Level: 4.276
Take Profit Level: 4.175
Stop Loss: 4.301
Risk/Reward: 4.04:1
Disclaimer – Signal Centre. Please be reminded – you alone are responsible for your trading – both gains and losses. There is a very high degree of risk involved in trading. The technical analysis , like all indicators, strategies, columns, articles and other features accessible on/though this site is for informational purposes only and should not be construed as investment advice by you. Your use of the technical analysis , as would also your use of all mentioned indicators, strategies, columns, articles and all other features, is entirely at your own risk and it is your sole responsibility to evaluate the accuracy, completeness and usefulness (including suitability) of the information. You should assess the risk of any trade with your financial adviser and make your own independent decision(s) regarding any tradable products which may be the subject matter of the technical analysis or any of the said indicators, strategies, columns, articles and all other features.
Jamie's Gun2Head - Selling Copper Trade Idea: Selling Copper on 50% pullback
Reasoning: Rallied into resistance level, looking to continue move lower
Entry Level : 4.2170
Take Profit Level: 4.0370
Stop Loss: 4.2440
Risk/Reward: 6.67:1
Disclaimer – Signal Centre. Please be reminded – you alone are responsible for your trading – both gains and losses. There is a very high degree of risk involved in trading. The technical analysis , like all indicators, strategies, columns, articles and other features accessible on/though this site is for informational purposes only and should not be construed as investment advice by you. Your use of the technical analysis , as would also your use of all mentioned indicators, strategies, columns, articles and all other features, is entirely at your own risk and it is your sole responsibility to evaluate the accuracy, completeness and usefulness (including suitability) of the information. You should assess the risk of any trade with your financial adviser and make your own independent decision(s) regarding any tradable products which may be the subject matter of the technical analysis or any of the said indicators, strategies, columns, articles and all other features.
Copper Futures (HG1! ), H1 Potential for Bearish DipType : Bearish Dip
Resistance: 4.5250
Pivot: 4.4920
Support : 4.4205
Preferred case: We see the potential for a bearish dip from our pivot level of 4.4920 which is in line with 78.6% Fibonacci retracement extension towards our 1st support level of 4.4205 which is in line with 78.6% Fibonacci retracement.
Alternative scenario: Alternatively, price might break our pivot structure and head for 1st resistance level of 4.5250 in line with 38.2% Fibonacci retracement and 127.2% Fibonacci extension.
Fundamentals: No major news.
Copper: Bullish Move From Key Level
Copper reached a very peculiar confluence zone:
we see a perfect match between a horizontal daily demand area,
618 and 786 retracement levels of the last two bullish impulses.
Analyzing the candlesticks, we may spot a nice dodji candle being formed on that structure.
Then, analyzing an intraday perspective, I spotted a bullish breakout of a falling wedge pattern formation.
I assume that it will trigger a bullish move.
Resistances on focus: 800 / 805
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Copper May Put in Fresh 2022 Lows if Key Moving Average Breaks Copper prices are probing its 200-day Simple Moving Average after a bout of weakness. A clean break lower would expose the 2022 low at 4.2820, with a deeper pullback potentially threatening the 4.0000 psychological level.
Copper - 26/04/2022the push higher than 5.04 will let us expect that wave 3 of (5) is in play, on the other side the move lower than 4.28 will let us expect that the larger flat correction in wave ((2)) started
Copper Futures ( HG1!), H1 Potential for Bullish BounceType: Bullish Bounce
Resistance: 4.5230
Pivot: 4.4320
Support: 4.3950
Preferred case: Price is moving nearer to the key pivot level. We are expecting the price to potentially bounce off from our pivot level of 4.4320 in line with 78.6% Fibonacci retracement towards our 1st resistance level of 4.5230 which is in line with 38.2% Fibonacci retracement and 61.8% Fibonacci projection.
Alternative scenario: Otherwise, the price might break our pivot structure and trigger a dip to the 1st support level of 4.3950 in line with a previous horizontal swing low support.
Fundamentals: No major news.
Copper Sell (Short term)We have seen an impressive bull run on Copper and Copper stocks over the past few months, my calculations / analysis shows that this may now be coming to an end and we should expect a short - term sell off on Copper and Copper stocks in the next coming weeks.
Copper (XCUUSD) will be entering a correction in the second quarter of 2022. At the current price, potential downside is about 22%. My first target for this quarter is $4.09/lb and $3.51/lb is the 'final safe' at which further analysis will be made available.
DISCLAIMER: This is purely educative content and must not be taken as investment advise.
Good luck
Copper: Classic Trend-Following Setup
Copper is trading in a strong bullish trend.
Since the middle of March, the market was consolidating within a horizontal trading range.
The market broke and closed above its upper boundary yesterday.
Now I expect a bullish continuation to 855
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Copper Futures ( HG1!), H1 Potential for Bearish DipType : Bearish Dip
Resistance : 4.7890
Pivot: 4.7740
Support : 4.7375
Preferred case: We see the potential for a bearish dip from our pivot at 4.7740 in line with 138.2% Fibonacci extension towards our 1st support at 4.7375 in line with 38.2% Fibonacci retracement and 61.8% Fibonacci projection.
Alternative scenario: Alternatively, price may break our pivot structure and head for 1st resistance at 4.7890 in line with 161.8% Fibonacci extension.
Fundamentals: No major news.
Copper Futures ( HG1!), H1 Potential for Bearish DipType : Bearish Dip
Resistance : 4.7660
Pivot: 4.7370
Support : 4.6840
Preferred case: We see the potential for a bearish continuation from our pivot at 4.7370 in line with 78.6% Fibonacci retracement our 1st support at 4.6840 in line with 50% Fibonacci retracement and 78.6% Fibonacci projection.
Alternative scenario: Alternatively, price may break our pivot structure and head for 1st resistance at 4.7660 in line with 61.8% Fibonacci projection and 138.2% Fibonacci extension.
Fundamentals: No major news.
Copper Futures ( HG1!), H1 Potential for Bullish BounceType : Bearish Dip
Resistance :4.7220
Pivot: 4.6690
Support : 4.6145
Preferred case: We see the potential for a dip from our pivot at 4.6690 in line with 38.2% Fibonacci retracement and 78.6% Fibonacci projection towards our 1st support at 4.6145 in line with 78.6% Fibonacci projection and -27.2% Fibonacci expansion. Our bearish bias is supported by price trading below the Ichimoku cloud indicator.
Alternative scenario: Alternatively, price may break our pivot structure and head for 1st resistance at 4.7220 in line with 61.8% Fibonacci retracement and 100% Fibonacci projection.
Fundamentals: No major news.
Copper Futures ( HG1!), H1 Potential for Bearish DipType : Bearish Dip
Resistance :4.7220
Pivot: 4.6690
Support : 4.6145
Preferred case: We see the potential for a dip from our pivot at 4.6690 in line with 38.2% Fibonacci retracement and 78.6% Fibonacci projection towards our 1st support at 4.6145 in line with 78.6% Fibonacci projection and -27.2% Fibonacci expansion. Our bearish bias is supported by price trading below the Ichimoku cloud indicator.
Alternative scenario: Alternatively, price may break our pivot structure and head for 1st resistance at 4.7220 in line with 61.8% Fibonacci retracement and 100% Fibonacci projection.
Fundamentals: No major news.
how to profit from higher yieldsthis chart shows, how the moneyallocation rises while the fed highers yields.
The setup in RSI and the actual chartpattern has high similarities to the copper chart 2006, when Copper broke through a resistance and made exponential returns.
Now copper is again at a resistance, if it breaks through, we might see some crazy gains again.
Copper Makes Record High For March!Copper created record highs this month, where it peaked at a high of $5.0395,
breaching the previous all-time high from February 2011 once again.
The previous all-time high is proving to be a strong level of resistance as price
is unable to remain above this level for lengthy periods of time.
There is now a long wick above this month’s candle as the sellers have pushed
price down, but the candle's body remains bullish.
$4.6495 is now a support level and should price decline further, it could hold
price up, giving price enough momentum to make a new all-time high.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime
Copper: Classic Trend-Following Setup
Copper is trading in a sharp bullish trend.
Recently the price dropped nicely.
The market reached a strong confluence area:
the blue zone is based on 786 retracement of a major impulse leg and a horizontal structure on the left.
From that zone, I will expect a bullish movement to
820
848
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