Bullish on copper with the current confluence of news -
Goldman called copper the new oil due to its links to the green energy sector and gave a very bullish price forecast citing a potential future shortage due to "demand increasing 900% by 2030"
Coinciding with this was the mining strike in Chile - first the rumblings of a strike then the actual strike itself....
So copper seems to have bottomed twice around the 2.60 area and is trying again to push higher following its rapid demise mid 2018.
Technically we can see the chikou san is still below price 'N' periods back and the tenkan san is yet to cross the kijun san to signify the possible start of an uptrend. However it's going to have to push through well set resistance...
#Copper (HG) putting in a good year end performance. Price up +60% from Feb'16 lows. Good fundamentals for more upside into 2018? #LME 7000 level will be a tester (approx 3.18 HG)?! Resistance 3.27 then 3.58?? Support 2.96? #Renko
#Copper (HG) on the turn? (+0.71% this morning) Or will it find resistance around the 61.8% Fibonacci at 2.8130? Hitting a lot of price noise at current levels 2.9845 (approx mid 6500's in #LME world). Good fundamentals / relative value upside play?
#LME #Copper at $10000? May take some time getting there!? A lot of noise in between! Fundamentals are starting to fall back in place once more though. Got to crack the 7000 barrier 1st (approx 3.1/3.2 on #HG). Nice longer term pattern forming on #Renko ? Cur trading 3.075
Fundamentals around Copper, Steel rebar, Iron ore, Coal not looking so rosy currently. Technically Copper HG looking weak. Dec'16 lows could be next resistance at 2.4785 (Approx LME 5500), a further significant break here could see 38.2% Fib area tested (2.3425) then Nov lows of 2.09. Support may be found at 2.5935.
COPPER HG HG1 HG1! respected the Trendlines highlighted in the previous posts; on the 4-hour chart it followed the Simple Moving Average ribbon as well.
A triangle formation is being reached now.
Could be a Continuation Pattern upwards.
COPPER HG HG1
Like last week, just more confusing
Gann fan forming maybe?
Price might Fakeout and bounce again.
#Patience and wait for a sign.
If I had to bet now I would say Long but - again - let's wait for a clearer view.
Copper HG1! has been trading in a channel lately, and in a couple of trades we profited by the bounce on the descending trendline (magenta in the chart).
Indicators look still quite bearish while the triangle pattern might suggest a continuation pattern high as I think it will go this direction but let's wait for confirmation.
Be ready for action!
There has been little change, with High Grade Copper prices balanced around USD2.7000, confluent with the 233-month weighted MA and the (50%) Fibonacci retracement of the 2014-2016 fall.
However, the underlying bullish tone is intact, as momentum studies and the positive Tension Indicator, (not shown), continue to strengthen, with clearance of here and the...
High Grade Copper continues to trade higher, with prices now within reach of critical resistances at the USD2.7200 retracement and USD2.7345 year high of November 2016.
However, there is risk of a short-term pullback before a clear break is seen, as daily studies become overbought.
Support is at congestion around USD2.6000, but slippage beneath here should...
The bounce from the January trendline has accelerated sharply higher, with fresh demand at USD2.2000 pushing prices above critical resistance at the USD2.3235 high of March.
Fibonacci resistance at the USD2.6805, (50%) retracement of the 2014-2016 fall has been reached, with potential for still further strength in the coming months towards congestion around...