Copper is interestingly a great gauge of economic health coming from Asia, and also a relevant view on global growth / inflationary expectations. We've been battling two head and shoulder formations since the GFC. First, the very large commodity bubble formed a big head and shoulders that peaked roughly around 2012, a time where China had maxed out its credit...
Short Term Elliott Wave structure in Copper suggests the rally to $2.64 ended wave (2). The metal has since resumed lower in wave (3). The internal of the move lower is unfolding as an impulse Elliott Wave structure. Down from 2.64, wave ((i)) ended at $2.578, wave ((ii)) ended at $2.626, wave ((iii)) ended at $2.547, wave ((iv)) ended at $2.575, and wave ((v))...
Expecting bounce from extremely oversold weekly and daily levels. If stop breached, be prepared to catch new daily reversal on lower levels with a tight stop.
Daily Chart Explanation: - Price is against a Weekly Support Zone. - Price is under a Descending Trendline. - Bullish Divergence on MACD. - If price breaks the Descending Trendline at 2.68, potential to move up towards the Resistance Zone at 2.96 and, then, to the Weekly Resistance Zone at 3.2. Our Weekly Vision supports this potential long idea. Take a look!...
Copper has touched the 1M Support (2.5400 - 2.5300) on the first week of August and has been rising since. This indicates that this long term demand level may once again accumulate long term buyers. It is still though on the early stages as 1D remains mostly on neutral grounds (RSI = 46.067, Highs/Lows = 0.0016, MACD = -0.018) so investors still have time to...
Aim for 2.85 or 61.8% of falling wedge
I picked a random futures chart and copper seemed to have a nice setup in process. Might actually take this trade. Red circle shows closes above last move down to make our low, signaling possible trend reversal. At this point we are now in the middle of the pullback and it looks like it might make the desired higher low. This is where I would get long and take...
This is the trade setup. You want to buy at most around the current price and have your stop loss around 10 cents or lower. The take profits are the green lines.
Copper is on a 4H bullish leg (RSI = 62.650, MACD = 0.014, Highs/Lows = 0.0064), after finding support around 2.6000. It just crossed (marginally) above the MA50 and on similar patterns since September 18, this calls for a bullish extension at least towards 2.8400, which is our TP. Breaking above the MA200 enhances the probability for a test at the 2.95000 1D...
Expecting bounce from extremely oversold weekly and daily levels. COT and seasonality also extremely in favour of a bounce. If stop breached on a daily closing basis, be prepared to catch new daily reversal on lower levels with tight stop.
Massive extensions are not uncommon: Weekly chart: The indices falling would not cause the price of copper to fall, this did not happen previous it is not true that the price is tied to the economy as what is told. Also chinese people use copper as a safe store for their money. Price went down in 2008 but this is irrelevant. Went up in...
COPPER broke out of the double top pattern and targets 2.68 Cheers!
EW suggest grinding towards $2.3- $2.4 of 50%-78.6% of fib level for C. Weekly and Monthly RSI shows weakness. Confirms the larger downtrend. Find Sell setups on lower TFs. Good luck Robus
Copper is on a standard 1D bearish sequence (RSI = 39.990, MACD = -0.034, Highs/Lows = -0.0234) that has just (marginally) crossed the 2.74170 Support. With the RSI however approaching the 32.800 mark, a bullish reversal alert is triggered as the last 4 times that the price bounced near or just below this mark, Copper gained +7 to +8%. Assuming that happens now we...
There is no reason why an inverted Copper chart should look like the Gold chart, but leading by 13 days (April 21=now). But it does look like it. I have bought at market (1290) for 1335 with a tight 1280 stop. RR 4.5:1. Very small size, as I have no other. evidence.