COPPER - Daily - Technical analysis published on 05/05/2023 (GMT)
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- Timeframe : Daily
- - Analysis generated on
- Status : TARGET REACHED
Summary of the analysis
Trends
Short term:
Strongly bearish
Underlying:
Bearish
Technical indicators
39%
50%
11%
My opinion
Bearish under 3.9303 USD
My targets
3.7388 USD (-4.00%)
3.5796 USD (-8.09%)
My analysis
COPPER is part of a very strong bearish trend. Traders may consider trading only short positions (for sale) as long as the price remains well below 3.9303 USD. The next support located at 3.7388 USD is the next bearish objective to target. A bearish break of this support would revive the bearish momentum. The bearish movement could then continue towards the next support located at 3.5796 USD. Below this support, sellers could then target 3.4420 USD.
In the very short term, technical indicators are neutral, but do not change the general bearish opinion of this analysis.
Force
0
10
5
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This analysis was given by didi059. Take part yourself by sharing additional analysis on another time unit:
Additional analysis
Quotes
The COPPER rating is 3.8945 USD. On the day, this instrument gained +0.82% and was between 3.8250 USD and 3.9060 USD. This implies that the price is at +1.82% from its lowest and at -0.29% from its highest.3.8250
3.9060
3.8945
The Central Gaps scanner detects a bearish opening marking the presence of sellers ahead of buyers at the opening but not sufficiently marked to allow the price to register a quotation gap.
Bearish opening
Type : Bearish
Timeframe : Openning
A study of price movements over other periods shows the following variations:
Near a new LOW record (1st january)
Type : Bearish
Timeframe : Weekly
New LOW record (1 month)
Type : Bearish
Timeframe : Weekly
Technical
A technical analysis in Daily of this COPPER chart shows a bearish trend. The signals given by moving averages are 78.57% bearish. This bearish trend is reinforced by the strong signals currently being given by short-term moving averages. An assessment of moving averages reveals a bullish signal that could impact this trend:
Bullish trend reversal : Moving Average 100
Type : Bullish
Timeframe : Daily
On the 18 technical indicators analysed, 7 are bullish, 2 are neutral and 9 are bearish. Central Indicators, the scanner specialised in technical indicators, has identified this signal:
Price is back over the pivot point
Type : Bullish
Timeframe : Daily
The analysis of the price chart with Central Patterns scanners does not return any result.
The Central Candlesticks scanner, specialised in Japanese candlesticks, did not identify any signals.
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 3.4420 | 3.5796 | 3.7388 | 3.8945 | 3.9303 | 4.1468 | 4.3614 |
| Change (%) | -11.62% | -8.09% | -4.00% | - | +0.92% | +6.48% | +11.99% |
| Change | -0.4525 | -0.3149 | -0.1557 | - | +0.0358 | +0.2523 | +0.4669 |
| Level | Minor | Major | Intermediate | - | Major | Intermediate | Major |
To determine price objectives, it is also possible to use the pivot points. Here is the price position in relation to pivot points:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 3.7420 | 3.7840 | 3.8235 | 3.8655 | 3.9050 | 3.9470 | 3.9865 |
| Camarilla | 3.8406 | 3.8481 | 3.8555 | 3.8630 | 3.8705 | 3.8779 | 3.8854 |
| Woodie | 3.7408 | 3.7834 | 3.8223 | 3.8649 | 3.9038 | 3.9464 | 3.9853 |
| Fibonacci | 3.7840 | 3.8151 | 3.8344 | 3.8655 | 3.8966 | 3.9159 | 3.9470 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 3.6127 | 3.7203 | 3.8067 | 3.9143 | 4.0007 | 4.1083 | 4.1947 |
| Camarilla | 3.8397 | 3.8574 | 3.8752 | 3.8930 | 3.9108 | 3.9286 | 3.9464 |
| Woodie | 3.6020 | 3.7150 | 3.7960 | 3.9090 | 3.9900 | 4.1030 | 4.1840 |
| Fibonacci | 3.7203 | 3.7944 | 3.8402 | 3.9143 | 3.9884 | 4.0342 | 4.1083 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 3.3780 | 3.6030 | 3.7685 | 3.9935 | 4.1590 | 4.3840 | 4.5495 |
| Camarilla | 3.8266 | 3.8624 | 3.8982 | 3.9340 | 3.9698 | 4.0056 | 4.0414 |
| Woodie | 3.3483 | 3.5881 | 3.7388 | 3.9786 | 4.1293 | 4.3691 | 4.5198 |
| Fibonacci | 3.6030 | 3.7522 | 3.8443 | 3.9935 | 4.1427 | 4.2348 | 4.3840 |
Numerical data
The following are the details of the technical indicators and moving averages that were collected to generate this technical analysis:
Technical indicators
Moving averages
| RSI (14): | 41.24 | |
| MACD (12,26,9): | -0.0528 | |
| Directional Movement: | -3.5782 | |
| AROON (14): | -100.0000 | |
| DEMA (21): | 3.8904 | |
| Parabolic SAR (0,02-0,02-0,2): | 4.0268 | |
| Elder Ray (13): | -0.0580 | |
| Super Trend (3,10): | 4.0895 | |
| Zig ZAG (10): | 3.8935 | |
| VORTEX (21): | 0.9230 | |
| Stochastique (14,3,5): | 12.72 | |
| TEMA (21): | 3.8560 | |
| Williams %R (14): | -77.39 | |
| Chande Momentum Oscillator (20): | -0.2060 | |
| Repulse (5,40,3): | 0.4417 | |
| ROCnROLL: | 2 | |
| TRIX (15,9): | -0.1409 | |
| Courbe Coppock: | 9.99 |
| MA7: | 3.8828 | |
| MA20: | 3.9840 | |
| MA50: | 4.0238 | |
| MA100: | 4.0451 | |
| MAexp7: | 3.8909 | |
| MAexp20: | 3.9531 | |
| MAexp50: | 4.0045 | |
| MAexp100: | 3.9892 | |
| Price / MA7: | +0.30% | |
| Price / MA20: | -2.25% | |
| Price / MA50: | -3.21% | |
| Price / MA100: | -3.72% | |
| Price / MAexp7: | +0.09% | |
| Price / MAexp20: | -1.48% | |
| Price / MAexp50: | -2.75% | |
| Price / MAexp100: | -2.37% |
Quotes :
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10 min delayed data
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COMEX Futures
News
Don't forget to follow the news on COPPER. At the time of publication of this analysis, the latest news was as follows:
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How Congo aims to double copper production | FT
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Gas, Copper and Gold: The 2023 Commodity Outlook
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Why copper is one to watch with China economy to reopen
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What is copper telling us about the global outlook?
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IG 2023 Predictions: Copper and Iron Ore ones to watch
This member declared not having a position on this financial instrument or a related financial instrument.
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