COPPER: Double Sell Signal on 4H and 1D.Pattern: 4H Rectangle.
Signal: Bearish (Double) on the 4H Resistance and 1D Resistance.
Target: 2.9000.
Hg1
XCUUSD Copper Futures H4 ChartChina GDP and Retail Sales is scheduled to release.
A Better than expected data could trigger the bullish move.
Levels As Described
Copper Buy & SellCopper is currently a sell but not long before buyers come back in. My labelled zones are only a rough idea of where i think the market may touch before turning around. Decide on your own Entry & Exit. If you do decide to enter a sell from this point, then i would put a SL around 10pips about zone A because market can always go back up to A again before coming back down to B.
DISCLAIMER
Please note that this chart is an opinion based chart only. Please trade at your own risk
Copper Sell & BuyI think any pull back in copper is a sell until we reach target D and then buyers can come in and take in up. Could go further than my TP but those are my targets for now.
DISCLAIMER
Please note that this chart is an opinion based chart only. Please trade at your own risk
COPPER Sell SignalPattern: Inverse Head and Shoulders on 1D.
Signal: Bearish as the price was rejected on the 4H Resistance.
Target: 2.89100 (above the 4H Support).
Copper for SaleShort sell if price stop below 2.95. Price target demand level 2.85 and 2.8. Stop order above 2.97
Copper is consolidating ahead of another drop Copper retested the breakdown point within a small consolidation.
Watch breakdown for another drop.
COPPER Buy Signal (Support)Pattern: Fibonacci retracement.
Signal: Bullish either now (1D support) or on the 0.382 Fibonacci.
Target: 2.96000.
Is EURUSD a leading indicator for Copper?Based on their correlation since 2002 we can say that EURUSD is a leading indicator for Copper. Especially since 2010, they both trade within a 1M Channel Down, with EURUSD however respecting the Lower Highs/ Lower Lows more. So with EURUSD on a long term bearish trend towards the 1.0358 support, we expect 2.000 long term for Copper. Technically Copper's 1M is on a pivotal point, being neutral overall (RSI = 53.441, Williams = -49.469, CCI = 9.9212, Highs/Lows = 0.0000) so expect the break lower to take place soon.
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Copper: Buy opportunity on the 1D Higher Low.The price is trading on a 1D Channel Up (RSI @ 61.767, MACD @ 0.035), which has made this week a Higher Low (Highs/Lows @ 0.0000). The next Higher High is expected on a +8% rise but we are taking a more conservative target. TP = 3.03455.
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Copper: How far will it fall?I have two ideas in mind, bounce at 2.84 ....or bounce at 2.74 (for the optimist bear (me!))
I hope my thinking is clear from the graph (ignore the memelines from earlier, i usually don't publish).
In conclusion, i see a solid trend brake and no support in sight
Please share your thoughts with me so i can improve :D
I have moved my stop loss for my short to 2.88, and i began at 2.9 if anyone cares.
WARNING: I am not very experienced
Copper Buy SignalPattern: Channel Up on 1D.
Signal: Bullish as the price is close (-3.35% pull back) to making a Higher Low.
Target: 2.9765.
UPDATE: Dr Copper confirms near term RISK OFFIn tandem with many other markets (crude oil/equities) we are expecting corrections. From a technical view, copper has completed a perfect flat correction and we should expect immediate downside from here.
Copper in RiseIt is not new that this year 2019 with the rumors and the suspension of tariffs added to it the good perspectives on a possible agreement between China and the United States. pushed the red metal ( copper ) ,but approaching a great ressitencia, follow the good forecasts is not unreasonable the price continues to climb positions, but all this will be seen soon.
Copper (HG1!) - Aiming for 618 Fib (18% move from January bottomFundamentals:
No major supply disruptions occurred in 2018 and most labour negotiations have been agreed. However, overall growth has been negatively affected by lower output at some mines in Canada and operational problems in China, Peru and the United States. As a consequence the ICSG growth forecast for mine production was revised down to 2% compared with the previous forecast of 2.9% made in April 2018. knowing this growth in 2019 world mine production, adjusted for disruptions, is predicted to be around 1.2% and is expected to be impacted by a sharp decline in Indonesian output.
Copper also tends to more sensitive to inflation and moves correlated. Inflation base case is mild inflation which should support copper prices.
Technicals:
Copper had a double top formation in 2018. First peak hitting in January 2018 and second in June. From there the commodity dropped nearly 25% from a high of $3.30 to a bottom in Aug 2018 at $2.50. The metal climbed to its 38.2% Fib extension before trading down for a double bottom technical bounce in Jan 19'.
Indicators:
Stochastic: Overbought
RSI: 69. Near overbought
ADX: 23. Bull trend confirmation intact.
Copper Bulls have the technicals, momentum and industry production support for a continued bull run in all of 2019. We expect prices to test in 2019 the 618 Fib, which would be a 18% bounce from the January bottom this year at a target price of $3.01.
SHORT IT TO THE GROUND!Self explanatory.
0 strong fundamentals driving the market.
Trend = 0 trend.
Go with the basic TA.
Easy.
Copper: Sell opportunity on 1D.Copper has been trading sideways on 1W (RSI = 50.950) since late July within a strong 2.5425 - 2.8715 consolidation zone. The price was rejected last Friday on the 2.8390 - 2.8715 Sell Zone and since 1D turned already to neutral CCi = 33.6567, Highs/Lows = 0.00000, a strong sell opportunity is presented. We are taking this short signal with TP = 2.6665.
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AUD following CopperThe Australian dollar is a known proxy for copper, so the recent rally may be a leader for a rally in the currency.
Copper Futures (HG1!) Summary for End Week 4 - 2019So copper seems to have bottomed twice around the 2.60 area and is trying again to push higher following its rapid demise mid 2018.
Technically we can see the chikou san is still below price 'N' periods back and the tenkan san is yet to cross the kijun san to signify the possible start of an uptrend. However it's going to have to push through well set resistance at around 2.74 before hitting further potential resistance at the bearish kumo above.
Fundamentally the elephant in the room is of course China and much depends on the on-going trade spat with Trump and the apparent slow down in growth. We still need to keep an eye on the strength of the US$ which seems to be treading water right now. All that said, potential supply constraints are likely to help support price and if two or more of the above conclude favourably, we may well be able to retest the 2018 highs of 3.30 and above.
[Do your own research - above not investment advice and for my own analysis, though constructive comments always welcome)
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