COPPER - Daily - Technical analysis published on 10/17/2023 (GMT)
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- Timeframe : Daily
- - Analysis generated on
- Status : INVALID
Summary of the analysis
Trends
Short term:
Strongly bearish
Underlying:
Strongly bearish
Technical indicators
17%
56%
28%
My opinion
Bearish under 3.6100 USD
My targets
3.3683 USD (-5.40%)
3.2815 USD (-7.84%)
My analysis
All elements being clearly bearish, it would be possible for traders to trade only short positions (for sale) on COPPER as long as the price remains well below 3.6100 USD. The sellers' bearish objective is set at 3.3683 USD. A bearish break of this support would revive the bearish momentum. The sellers could then target the support located at 3.2815 USD. In case of crossing, the next objective would be the support located at 3.0069 USD. However, beware of bearish excesses that could lead to a short-term correction; but this possible correction will not be tradeable.
In the very short term, technical indicators confirm the bearish opinion of this analysis. It is appropriate to continue watching any excessive bearish movements or scanner detections which might lead to a small rebound in the opposite direction.
Force
0
10
7.3
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This analysis was given by Mark Thomer. Take part yourself by sharing additional analysis on another time unit:
Additional analysis
Quotes
The COPPER price is 3.5605 USD. On the day, this instrument lost -0.60% with the lowest point at 3.5595 USD and the highest point at 3.5815 USD. The deviation from the price is +0.03% for the low point and -0.59% for the high point.3.5595
3.5815
3.5605
A bearish opening was detected by the Central Gaps scanner. Sellers are trying to impose a bearish trend in the very short term.
Bearish opening
Type : Bearish
Timeframe : Openning
A study of price movements over other periods shows the following variations:
Near a new LOW record (1 year)
Type : Bearish
Timeframe : Weekly
Near a new LOW record (1st january)
Type : Bearish
Timeframe : Weekly
Near a new LOW record (1 month)
Type : Bearish
Timeframe : Weekly
Technical
A technical analysis in Daily of this COPPER chart shows a sharp bearish trend. 92.86% of the signals given by moving averages are bearish. The overall trend is supported by the strong bearish signals from short-term moving averages. There is no crossing of moving average by the price or crossing of moving averages between themselves.
Technical indicators are bearish. There is still some doubt about the decline in the price.
But beware of excesses. The Central Indicators scanner currently detects this:
CCI indicator is oversold : under -100
Type : Neutral
Timeframe : Daily
Williams %R indicator is oversold : under -80
Type : Neutral
Timeframe : Daily
Central Patterns, the scanner specializing in chart patterns, did not identify any signals.
The Central Candlesticks scanner which studies Japanese candlesticks did not detect anything.
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 2.7934 | 3.0069 | 3.2815 | 3.5605 | 3.6100 | 3.6781 | 4.0292 |
| Change (%) | -21.54% | -15.55% | -7.84% | - | +1.39% | +3.30% | +13.16% |
| Change | -0.7671 | -0.5536 | -0.2790 | - | +0.0495 | +0.1176 | +0.4687 |
| Level | Intermediate | Minor | Major | - | Major | 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 | 3.5198 | 3.5417 | 3.5618 | 3.5837 | 3.6038 | 3.6257 | 3.6458 |
| Camarilla | 3.5705 | 3.5743 | 3.5782 | 3.5820 | 3.5859 | 3.5897 | 3.5936 |
| Woodie | 3.5190 | 3.5413 | 3.5610 | 3.5833 | 3.6030 | 3.6253 | 3.6450 |
| Fibonacci | 3.5417 | 3.5577 | 3.5676 | 3.5837 | 3.5997 | 3.6096 | 3.6257 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 3.4097 | 3.4833 | 3.5272 | 3.6008 | 3.6447 | 3.7183 | 3.7622 |
| Camarilla | 3.5387 | 3.5495 | 3.5602 | 3.5710 | 3.5818 | 3.5925 | 3.6033 |
| Woodie | 3.3948 | 3.4759 | 3.5123 | 3.5934 | 3.6298 | 3.7109 | 3.7473 |
| Fibonacci | 3.4833 | 3.5282 | 3.5560 | 3.6008 | 3.6457 | 3.6735 | 3.7183 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 3.3683 | 3.4962 | 3.6168 | 3.7447 | 3.8653 | 3.9932 | 4.1138 |
| Camarilla | 3.6692 | 3.6919 | 3.7147 | 3.7375 | 3.7603 | 3.7831 | 3.8058 |
| Woodie | 3.3648 | 3.4944 | 3.6133 | 3.7429 | 3.8618 | 3.9914 | 4.1103 |
| Fibonacci | 3.4962 | 3.5911 | 3.6497 | 3.7447 | 3.8396 | 3.8982 | 3.9932 |
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): | 37.31 | |
| MACD (12,26,9): | -0.0482 | |
| Directional Movement: | -9.5002 | |
| AROON (14): | -21.4286 | |
| DEMA (21): | 3.5770 | |
| Parabolic SAR (0,02-0,02-0,2): | 3.7103 | |
| Elder Ray (13): | -0.0436 | |
| Super Trend (3,10): | 3.7614 | |
| Zig ZAG (10): | 3.5620 | |
| VORTEX (21): | 0.8344 | |
| Stochastique (14,3,5): | 9.56 | |
| TEMA (21): | 3.5602 | |
| Williams %R (14): | -94.30 | |
| Chande Momentum Oscillator (20): | -0.1750 | |
| Repulse (5,40,3): | -1.4795 | |
| ROCnROLL: | 2 | |
| TRIX (15,9): | -0.1786 | |
| Courbe Coppock: | 5.24 |
| MA7: | 3.5998 | |
| MA20: | 3.6399 | |
| MA50: | 3.7249 | |
| MA100: | 3.7878 | |
| MAexp7: | 3.5908 | |
| MAexp20: | 3.6398 | |
| MAexp50: | 3.7113 | |
| MAexp100: | 3.7713 | |
| Price / MA7: | -1.09% | |
| Price / MA20: | -2.18% | |
| Price / MA50: | -4.41% | |
| Price / MA100: | -6.00% | |
| Price / MAexp7: | -0.84% | |
| Price / MAexp20: | -2.18% | |
| Price / MAexp50: | -4.06% | |
| Price / MAexp100: | -5.59% |
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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Trade of the Week: short copper
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Trading the Trend: Short copper
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Inside Sweden’s copper mega-mine | DW News
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Asiamet Resources pushing ahead into the bullish copper play
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Asiamet Resources pushing head into the bullish copper play
This member declared not having a position on this financial instrument or a related financial instrument.
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