COPPER - Daily - Technical analysis published on 05/20/2024 (GMT)
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- Timeframe : Daily
- - Analysis generated on
- Status : INVALID
Summary of the analysis
Trends
Short term:
Strongly bullish
Underlying:
Strongly bullish
Technical indicators
94%
0%
6%
My opinion
Bullish above 4.9430 USD
My targets
5.2078 USD (+0.98%)
My analysis
The bullish trend is currently very strong on COPPER. As long as the price remains above the support at 4.9430 USD, you could try to benefit from the boom. The first bullish objective is located at 5.2078 USD. The bullish momentum would be boosted by a break in this resistance. Be careful, given the powerful bullish rally underway, excesses could lead to a possible correction in the short term. If this is the case, remember that trading against the trend may be riskier. It would seem more appropriate to wait for a signal indicating reversal of the trend.
Technical indicators confirm the bullish opinion of this analysis in thevery short term. However, be careful of excessive bullish movements. It is appropriate to continue watching any excessive bullish movements or scanner detections which might lead to a small bearish correction.
Force
0
10
9.1
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Additional analysis
Quotes
The COPPER rating is 5.1575 USD. On the day, this instrument gained +2.13% and was between 5.0700 USD and 5.1990 USD. This implies that the price is at +1.73% from its lowest and at -0.80% from its highest.5.0700
5.1990
5.1575
A bearish opening was detected by the Central Gaps scanner. Sellers are trying to impose a bearish trend in the very short term.
Bullish opening
Type : Bullish
Timeframe : Openning
Bearish opening
Type : Bearish
Timeframe : Openning
A study of price movements over other periods shows the following variations:
Near a new HIGH record (1 year)
Type : Bullish
Timeframe : Weekly
Near a new HIGH record (1st january)
Type : Bullish
Timeframe : Weekly
Near a new HIGH record (1 month)
Type : Bullish
Timeframe : Weekly
Technical
A technical analysis in Daily of this COPPER chart shows a strongly bullish trend. 92.86% of the signals given by moving averages are bullish. This strongly bullish trend is supported by the strong bullish signals given by short-term moving averages. There is no crossing of moving average by the price or crossing of moving averages between themselves.
In fact, according to the parameters integrated into the Central Analyzer system, 17 technical indicators out of 18 analysed are currently bullish. Caution: the Central Indicators scanner currently detects an excess:
Previous candle closed over Bollinger bands
Type : Neutral
Timeframe : Daily
CCI indicator: bearish divergence
Type : Bearish
Timeframe : Daily
Pivot points : price is over resistance 1
Type : Neutral
Timeframe : Daily
No signals are given by Central Patterns, a market scanner specialised in chart patterns, resistances and supports.
The Central Candlesticks scanner, specialised in Japanese candlesticks, did not identify any signals.
ProTrendLines
S3
S2
S1
R1
Price
| S3 | S2 | S1 | Price | R1 | |
|---|---|---|---|---|---|
| ProTrendLines | 4.6765 | 4.7735 | 4.9430 | 5.1575 | 5.2078 |
| Change (%) | -9.33% | -7.45% | -4.16% | - | +0.98% |
| Change | -0.4810 | -0.3840 | -0.2145 | - | +0.0503 |
| Level | Intermediate | Minor | Intermediate | - | Intermediate |
Attention could also be paid to pivot points to set price objectives:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 4.6615 | 4.7550 | 4.9025 | 4.9960 | 5.1435 | 5.2370 | 5.3845 |
| Camarilla | 4.9837 | 5.0058 | 5.0279 | 5.0500 | 5.0721 | 5.0942 | 5.1163 |
| Woodie | 4.6885 | 4.7685 | 4.9295 | 5.0095 | 5.1705 | 5.2505 | 5.4115 |
| Fibonacci | 4.7550 | 4.8471 | 4.9039 | 4.9960 | 5.0881 | 5.1449 | 5.2370 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 4.2227 | 4.4193 | 4.7347 | 4.9313 | 5.2467 | 5.4433 | 5.7587 |
| Camarilla | 4.9092 | 4.9561 | 5.0031 | 5.0500 | 5.0969 | 5.1439 | 5.1908 |
| Woodie | 4.2820 | 4.4490 | 4.7940 | 4.9610 | 5.3060 | 5.4730 | 5.8180 |
| Fibonacci | 4.4193 | 4.6149 | 4.7358 | 4.9313 | 5.1269 | 5.2478 | 5.4433 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 3.5288 | 3.7917 | 4.1688 | 4.4317 | 4.8088 | 5.0717 | 5.4488 |
| Camarilla | 4.3700 | 4.4287 | 4.4873 | 4.5460 | 4.6047 | 4.6633 | 4.7220 |
| Woodie | 3.5860 | 3.8203 | 4.2260 | 4.4603 | 4.8660 | 5.1003 | 5.5060 |
| Fibonacci | 3.7917 | 4.0362 | 4.1872 | 4.4317 | 4.6762 | 4.8272 | 5.0717 |
Numerical data
The following is the status of the technical indicators and moving averages at the time of publication of this technical analysis:
Technical indicators
Moving averages
| RSI (14): | 79.47 | |
| MACD (12,26,9): | 0.1821 | |
| Directional Movement: | 32.0248 | |
| AROON (14): | 85.7142 | |
| DEMA (21): | 4.9378 | |
| Parabolic SAR (0,02-0,02-0,2): | 4.6517 | |
| Elder Ray (13): | 0.3255 | |
| Super Trend (3,10): | 4.6674 | |
| Zig ZAG (10): | 5.1620 | |
| VORTEX (21): | 1.2123 | |
| Stochastique (14,3,5): | 81.75 | |
| TEMA (21): | 5.0056 | |
| Williams %R (14): | -5.05 | |
| Chande Momentum Oscillator (20): | 0.6775 | |
| Repulse (5,40,3): | 4.3940 | |
| ROCnROLL: | 1 | |
| TRIX (15,9): | 0.4615 | |
| Courbe Coppock: | 15.90 |
| MA7: | 4.9051 | |
| MA20: | 4.6766 | |
| MA50: | 4.3787 | |
| MA100: | 4.1118 | |
| MAexp7: | 4.9293 | |
| MAexp20: | 4.7110 | |
| MAexp50: | 4.4471 | |
| MAexp100: | 4.2347 | |
| Price / MA7: | +5.15% | |
| Price / MA20: | +10.28% | |
| Price / MA50: | +17.79% | |
| Price / MA100: | +25.43% | |
| Price / MAexp7: | +4.63% | |
| Price / MAexp20: | +9.48% | |
| Price / MAexp50: | +15.97% | |
| Price / MAexp100: | +21.79% |
Quotes :
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10 min delayed data
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COMEX Futures
News
The last news published on COPPER at the time of the generation of this analysis was as follows:
-
Sweden's Sámi pay the price in Europe's quest for copper
-
Why Glencore have joined the bidding war to buy Anglo American. #copper #Glencore #trading
-
What does BHP’s deal to buy Anglo American mean for the mining and London markets? #Mining #Copper
-
‘Copper likely to stay above $9,000‘ – Meyer
-
Inflation sends cocoa prices through the roof, more expensive than copper
This member declared not having a position on this financial instrument or a related financial instrument.
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