vlad.adrian
Long

Copper - Exhaustion after 3 selling phases

COMEX:HG1!   Copper Futures
232 5 9
I don't really watch commodities , so this is something new for me.

There are many ways to call the pattern in this chart. One could say it is a descending triangle , or a tripple bottom, or a double bottom ...so i'll not give it a name, I am just going to explain what I see.

Most imporant, I see a round level at 3000, acting as a great support. It has been broken and rejected too many times.
Around this level I can spot three selling phases :
1 - fast and deep
2 - slow and less deep, but still quite strong
3 - fast and shallow

Instead of using the MACD , I chose the Force Index which includes volume in its calculation. Notice how the three selling climaxes diverge, drawing shallower bottoms. This, together with the decreasing selling magnitude, tells me that bears have lost power and a bounce is probable.

On both indicators we have bullish divergences, pointing out the decreasing power of bears.

I will set my target at the first strong resistance zone , as this is a new approach and I don't want to be extra confident. I will enter long using the daily chart of copper             , when I see fit, because the current situation looks bearish for the next few days.
I like your analysis. Thank you.

There appears to be a Bullish Shark in the daily that coincides with your projections.
snapshot

Reply
Thank you! My expectations are much higher than the shark target, but ofc I'm looking at another timeframe. On the daily, I'm waiting for a buy signal.
Reply
OldGoat vlad.adrian
The 3.1240 is just an initial, minimum target. The 618 retrace looks to coincide with your downward trendline at 3.2605 (or the 707 at 3.3080 if the action is fast). These are just signposts along the way to your higher target. I'm not comfortable with the drawdowns on the weekly and prefer to move in and out as the path zigzags.
Reply
I agree! I hope that trendline wont show too much resistance
Reply
It looks like futur speculation !
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out