Copper bearish, we are nearly MA200, will hit the bottom trendline? 4.3000 - 4.2720
The pullback in copper ended up being a three wave rise wherein it retraced slightly more than 61.8% retracement in international copper chart of wave Y. This opens up the possibility of one more leg to the down move in the form of wave Z. Overall look Retracement levels in copper international chart MCX chart retracement Weekly macd bearish Daily macd...
Copper: Market Commentary 23.08.2021 A couple of points to note here; we ticked the 161.8% extension which was our third wave target in our previous copper chart at the beginning of 2021. It always comes down to the same situation; an impulsive complex which can be called sound, but which has one sickly component. As we head into Jackson, according to the...
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...
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...
Since May last year Copper had been selected as one of our main investments for the year 2020/2021 ?( check the previous idea here ). We had placed 4 take profit levels early in January to be taken and they were taken successfully , just a bit faster than we thought! At this stage, Copper should leave some profits behind so we are entering a short term short...
The recent record highs in copper seems to be quite over done. Chart has formed a backward wedge of some sort, which typically reverses down. Expect copper to slowly move south over the coming month to the 61% FIb level.
POSITIONAL LONG VIEW IN #COPPER MCX BO RE - TETS CMP 738 & 50 DMA 738 65 HOLD CONTINUOUS 2 DAYS MCX COPPER @ 742 STOP LOSS 725 ON CLBS TARGET 750 762 772 781 793 712 +++ NEW HIGH
10th May daily key reversal bar dictating further weakness in copper. 12th & 18th May also showing weakness ahead. price forming distribution phase to short copper. 4.7550-7860 supply zone for short target 4.5220.
Testing green and red lines
Copper prices are facing bullish pressure from our first support in line with our 38.2% fibonacci retracement and 78.6% fibonacci extension where we could see a bounce above this level. Ichimoku cloud and EMA are showing signs of bullish pressure, in line with our bullish bias.
This is a (very) long-term SHORT! The long-term picture - the Monthly;
Copper prices are approaching our first support in line with our 78.6% fibonacci retracement and 100% fibonacci extension where we could see a bounce above this level. Stochastic is testing our support at 7.55 as well where we could see a bounce above this level.
Copper prices are facing bearish pressure from our first resistance in line with our horizontal swing high resistance, 61.8% fibonacci retracement and 100% fibonacci extension where we could see a reversal below this level. Stochastic is approaching resistance as well, in line with our bearish bias.
Copper prices are facing bullish pressure from our first support level, in line with our 61.8% fibonacci retracement and our graphical support area and 61.8% fibonacci extension, where we could see a bounce above this level to our first resistance target. Stochastic is approaching support as well, in line with our bullish bias.
i am expecting further weekness in copper notations due to further downward-adaptions of growth expectations related to covid-reopening-demand for the upcoming few weeks. long term expectations of commodity demand remain solid. but in the shorter term i suspect downward risks to be bigger than upside potential.
Copper prices are facing bullish pressure from our first support level, in line with our 50% fibonacci retracement, graphical support area and 100% fibonacci extension where we could see a bounce above this level to our first resistance target. Stochastic is showing signs of bullish pressure as well, in line with our bullish bias.