Copper Futures have shown volatility with significant price move
Price Movement
Current Price: The current price is around $4.3430 per pound.
Recent Trend: There was a significant upward movement earlier in the year, reaching a peak around $5.0810, followed by a correction.
Support and Resistance:
Support Level: Approximately at $4.1445, marked by the 0.618 Fibonacci retracement level.
Resistance Level: Around $4.5000, near the recent highs.
Volume Analysis
Volume: The volume appears to be relatively stable, with occasional spikes during significant price moves, indicating strong trading interest during these periods.
Seasonal Patterns
Monthly Performance:
Historically, months like February, March, and April show varied performance with some years experiencing gains while others see losses.
September and October have mixed results, but November generally shows positive performance.
Yearly Trends: Over the years, there have been fluctuations in monthly performance, with some consistent patterns in specific months.
Technical Indicators
Fibonacci Retracement: The chart uses Fibonacci levels to identify potential support and resistance levels. The 0.618 level is crucial as it often acts as a strong support during corrections.
Conclusion
Copper Futures have shown volatility with significant price movements and corrections. Traders should watch for support at $4.1445 and resistance at $4.5000 while considering historical seasonal trends for potential insights into future movements.
