The next major Daily (short term) resistance level to watch for Copper. Watch for a rebound or a breakout. Looks like a great tradable level
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Copper has been trading lower lately, but seems to have set a bearish trap by breaking down the 2.950 lows, only to sharply reverse to the upside. It is now seeming to find a base of sorts, we're interested in buying copper on a break of the recent resistance coupled with a break of the descending trend-line.
On your left:
Long term trend is in a downtrend channel. Beginning of the year, a rebound appears but it seems now that this is close to be over. Last week candle closed below trend line.
On your right:
You can see that a pullback failed to get back in the Mid Term uptrend and things headed south again. Market opened in red again this monday making new lower...
Copper (11.9.2014) traded as per our last report & after finishing the levels , fall back very quickly.
Now copper is trading around $3.0693 & as we can see on charts, its reaching to the lower tradeline current descending channel. However the momentum is very strong & it may break the channel , still few more indicators providing best opportunity for a shot...
Copper (19.8.14) traded lower as per expectation & reach to the support zone.
Now copper is trading around 6913 of lme & as we can see on charts, copper provided a false breakout below the lower tradeline of the ascending channel.However it was able to bounce in over night electrinic trading. The bouncing area was well supported by the 61.8% feb correction of the...
Closing the gap (red circle) could potentially be a point of retracement. The GAP PRZ around 78.6 is marked with red rectangle. However harmonic bat for bullish move is lower @3.04 with nice structure support. Possible drop to 3.00 is not out of the question.
The bounce in early May from and near the 3 mark looks as if it has run its course, with a pullback from 3.065-3.070 down to 3.035-3.040 likely to occur by May 7th, if not in the early part of the coming week. I went short at 3.067 and view the odds of the trade working out, even with the possibility of some early (fake) strength in Asia on Monday as 70/30.
Friends,
Last February 01st, our predictive analysis and forecasting offered a potential price action, seeing first TG-1 = 3.158 as a potential support, then 3.288 as resistance, and finally, eyeing 2.999 as an abysmal low-target, defined as "TG-Low = 2.999 - 01 FEB 2014.
What ensued was nothing shorter than a perfect adherence to the anticipated price action -...
Friends,
On February 01st, we released a target, namely: "TG-Low = 2.999 - 01 FEB 2014", setting our sight on a low target area following a probable reversal at 3.288.
This scenario played out quite well, and as of today, our proprietary forecasting strategy is signaling a bearish reversal confirmation of that early predictive analysis.
OVERALL:
Bearish...
Friends,
On February 01st, we posted a bearish target at 2.999 with a cautionary note that this DAILY copper chart will likely print a relief rally to the structure dwelling at 3.288 above.
Since that cautionary remark, price has indeed moved 8 incremental candles towards that target, with a shallow respite, which basic pattern traders might possible grab as a...
As just indicated and detailed on 4xQuad.com, the outlook remains bullish.
For greater detail and a review of the forecast we did on this metal, see the predictive analysis just released on www.4xQuad.com (where the original forecast was released to the public).
OVERALL:
Bullish outlook
Cheers,
David Alcindor | 4xQuad.com
Predictive Analysis & Forecasting
$Copper - Chart Update/TECH-NOTE: Neutral-to-Strong Bullish Bias | #copper #gold #silver #technicalanalysis
Since our last predictive analysis, the retracement did not occur at the anticipated depth, but the rally did stall at the forecast level = 3.388.
BULLISH SCENARIO:
At this point, we remain bullish in the longer-term, although an interim bearish push-back...
Looking at Copper Weekly Chart, It seems that a Possible Bearish Deep Crab is forming with Potential Reversal Zone at 3.688. Ichimoku is showing a Bullish sentiment for Copper.
harmonic-ichimokutrader.blogspot.com
At the beginning of the month, 4xQuad produced its first target ("TG-1) for its metal subscribers, setting its sight on TG-1 = 3.510.
Yesterday, an extended signal emerged setting a loftier secondary target at TG-2 = 3.631.
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Students, note the following technical events:
1 - Market conversion to the...
