It's been said that copper XCUUSD has a PhD in economics because of its predictive price action. In other words, what happens to copper tends to happen to the markets at large. That's why I always keep it on my radar. If this reversal signal completes there are plenty of structural fundamental reasons why we might see a rather devastating downward movement. I...
The Commodity has reached lower trend line and might take support and undergo a reversal rally. Trade is supported by Supports Nearby + 200 EMA.
Risk Reward Ratio - 1.5:1
SL is placed below support zone and target is placed near upper trendline and swing high.
Note : Enter September Futures and Roll Over the contracts unless Stop Loss or Target Is Met.
Copper respected our previous forecast, as the price drop towards the support area.
In the coming days, we anticipate the price to make a fake support break-out, before reversing and make a new top inside the correction.
Trade with care.
Disclaimer: The analysis provided is purely informative and it should not be used as...
Advanced TA series:
When the #gold to #copper ratio dropped through their long support like this in 2004, price for both metals consolidated for a few more months, (like we have) then BOOM, copper went from a $1.30 to $4.50 and gold went from $400 to $1,935 over 7 years.
Copper Futures HGU2021 H1 chart shows series of LOWER HIGHS + LOWER LOWS from July 26 2021. Contrarary to fundamentals (strike in copper mine would create shortage in supply, etc) the technical analysis shows there is a room for some more down side towards 4.285. The downtrend would end if the price trades above previous HIGHER HIGH.
For several months I've been talking about the issues with the reflation trade. First it was the Dollar and some stocks topping, then it was bonds going higher, then Crypto crashing and others markets topping a few weeks later. We saw the cracks on Copper, Oil and so on. But is it over? Will the Fed actually tapper and that create issues to the market? Will the...
Copper prices snapped a five-session winning streak on Tuesday as investors held off on making large bets ahead of a U.S. Federal Reserve meeting expected to give more direction on monetary policy.
Benchmark copper on the London Metal Exchange was down 0.8% at $9,735 per tonne at 1635 GMT, after touching its highest since June 15 at $9,924.
“Given the scale of...
Copper dropped at the beginning of the week, but shortly reversed, and now is making another attempt to break the resistance.
In the coming days, we are expecting the price to increase and make a fake break-out, but shortly after we are expecting another drop that will push the price towards the support.
Trade with care.
Earlier, I posted about the S&P500 defying gravity.
Another indication to support that view is here... COPPER.
It is well known for copper futures to lead/follow (takes turns) the equity markets. The reasons behind this phenomena is very fundamental, copper is used in production of many things, and in an economic upcycle, copper is one of the first metals...
Are we on a long or short now? Copper has rising significantly following the COVID sell off last year and with stronger demand from the EV industry, this could go even higher. Technically the chart points to a breakout to the upside until it hits a double top. Let's see how this unfolds. For the moment, I am LONG !
As you can see, there exist a hidden Bullish Divergence with MACD which is the sign of bullish trend continuation as Copper has started its bullish wave since March 2020. It is moving in an ascending channel. We draw Fibonacci retracement from the low to the top of last impulsive wave which are defined as the Fib levels on chart. The commodity...
Copper ranged the entire week, as the price refused to reach the resistance level.
In the coming days, we are expecting the price to increase and hit the resistance area again, followed by a reversal that can reach the support area.
Trade with care.
Disclaimer: The analysis provided is purely informative and it should...
This is a 4 hour chart. If a golden cross comes out and the swing-up is done well, an uptrend can be expected, but there is a risk of a decline if it fails to break through the 200MA or if it does not receive proper support.