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Exciting days for Copper. The brown metal reached the $2.8575 level. I'm confident that copper price will rise in the long run if copper demand, especially for China (largest copper consumer), will continue to record highs (527,000 tons in December 2019).
However, we still live on planet earth, and we need to make a deal with technical analysis. I believe Copper has terminated an Elliot wave impulse, with wave 5 hitting today's high ($2.8575). I will expect in the next days the A, B, and C corrective waves.
This theory is enforced by Volume Profile analysis (performed on Elliot Impulse Range) that shows POC support at $2.6436, and an exciting volume development around $2.7947. I expect corrective wave C to touch this support to bounce back for a new impulse wave 1 (If the market will let it).
Stochastic still confirm this analysis. The indicator showed no reversal for this cycle, and it is approximating the overbought area, by the way, again with a bullish setting.
Disclosure: My ideas contain statements and projections based on assumptions on capital markets, and therefore inherently subject to numerous risks and uncertainties.
Before buying or selling any stock you should do your own research and reach your own conclusion or consult a financial advisor. Investing includes risks, including loss of principal.
I am not a financial advisor.
Exciting days for Copper. The brown metal reached the $2.8575 level. I'm confident that copper price will rise in the long run if copper demand, especially for China (largest copper consumer), will continue to record highs (527,000 tons in December 2019).
However, we still live on planet earth, and we need to make a deal with technical analysis. I believe Copper has terminated an Elliot wave impulse, with wave 5 hitting today's high ($2.8575). I will expect in the next days the A, B, and C corrective waves.
This theory is enforced by Volume Profile analysis (performed on Elliot Impulse Range) that shows POC support at $2.6436, and an exciting volume development around $2.7947. I expect corrective wave C to touch this support to bounce back for a new impulse wave 1 (If the market will let it).
Stochastic still confirm this analysis. The indicator showed no reversal for this cycle, and it is approximating the overbought area, by the way, again with a bullish setting.
Disclosure: My ideas contain statements and projections based on assumptions on capital markets, and therefore inherently subject to numerous risks and uncertainties.
Before buying or selling any stock you should do your own research and reach your own conclusion or consult a financial advisor. Investing includes risks, including loss of principal.
I am not a financial advisor.
