COPPER

- USD (-)

- 10 min delayed data - COMEX Futures

Open:	-
Change:	-
Volume:	-

Low:	-
High:	-
High / Low range:	-

Type:	Commodities
Ticker:	CA
ISIN:

COPPER - Daily - Technical analysis published on 02/08/2024 (GMT)

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Timeframe : Daily
- Analysis generated on
Status : TARGET REACHED

Summary of the analysis

Trends

Short term: Strongly bearish

Underlying: Strongly bearish

Technical indicators

11%

67%

22%

My opinion

Bearish under 3.8317 USD

My targets

3.6910 USD (-1.85%)

3.6550 USD (-2.81%)

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 3.8317 USD. The next support located at 3.6910 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 3.6550 USD. Below this support, sellers could then target 3.5970 USD. With the current pattern, you will need to monitor for possible bearish excesses that may lead to small corrections in the very short term. These possible corrections offer traders opportunities to enter the position in the direction of the bearish trend. Trying to profit from the purchase of these possible corrections may seem risky.

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

7.1

Comment on the analysis

Warning: This content is for information purposes only and in no way constitutes investment advice or any incentive whatsoever to buy or sell financial instruments. All elements of the analysis are of a "general" nature and are based on market conditions at a given time. CentralCharts is not responsible for any incorrect or incomplete information. Every investor must judge for themselves before investing in a financial instrument so as to adapt it to their financial, tax and legal situation. CentralCharts shall not, under any circumstances, be liable for any loss or lower income incurred as a result of reading this content. Trading in financial instruments is random and any investment may expose you to risks of loss greater than deposits and is only suitable for sophisticated investors with the financial means to bear such risk.

This analysis was given by Muhahaha. Take part yourself by sharing additional analysis on another time unit:

Additional analysis

Quotes

The COPPER rating is 3.7605 USD. On the day, this instrument gained +0.67% with the lowest point at 3.7325 USD and the highest point at 3.7625 USD. The deviation from the price is +0.75% for the low point and -0.05% for the high point.

3.7325

3.7625

3.7605

So that you have an overall view of the price change, here is a table showing the variations over several periods:

The Central Records scanner, which identifies the highest / lowest, has detected several elements:

Near a new LOW record (1 year)

Type : Bearish

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

Technical analysis of this Daily chart of COPPER indicates that the overall trend is strongly bearish. The signals given by moving averages are 85.71% bearish. This strong bearish trend is confirmed by the strong signals currently being given by short-term moving averages. The Central Indicators market scanner currently does not detect any result that concerns moving averages.

In fact, 12 technical indicators on 18 studied are currently bearish. Caution: the Central Indicators scanner currently detects an excess:

RSI indicator: bullish divergence

Type : Bullish

Timeframe : Daily

Williams %R indicator is oversold : under -80

Type : Neutral

Timeframe : Daily

The Central Indicators scanner found this result concerning these indicators:

Pivot points : price is under support 1

Type : Neutral

Timeframe : Weekly

Central Patterns, the scanner specializing in chart patterns, did not identify any signals.

No result was found by the Central Candlesticks scanner on Japanese candlesticks.

ProTrendLines

Price

	S3	S2	S1	Price	R1	R2	R3
ProTrendLines	3.6550	3.6910	3.7335	3.7605	3.8317	3.9595	4.0745
Change (%)	-2.81%	-1.85%	-0.72%	-	+1.89%	+5.29%	+8.35%
Change	-0.1055	-0.0695	-0.0270	-	+0.0712	+0.1990	+0.3140
Level	Major	Minor	Major	-	Minor	Major	Intermediate

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	3.6495	3.6905	3.7130	3.7540	3.7765	3.8175	3.8400
Camarilla	3.7180	3.7239	3.7297	3.7355	3.7413	3.7471	3.7530
Woodie	3.6403	3.6859	3.7038	3.7494	3.7673	3.8129	3.8308
Fibonacci	3.6905	3.7148	3.7297	3.7540	3.7783	3.7932	3.8175

Weekly

Pivot points	S3	S2	S1	PP	R1	R2	R3
Standard	3.6458	3.7312	3.7763	3.8617	3.9068	3.9922	4.0373
Camarilla	3.7856	3.7976	3.8095	3.8215	3.8335	3.8454	3.8574
Woodie	3.6258	3.7211	3.7563	3.8516	3.8868	3.9821	4.0173
Fibonacci	3.7312	3.7810	3.8118	3.8617	3.9115	3.9423	3.9922

Monthly

Pivot points	S3	S2	S1	PP	R1	R2	R3
Standard	3.4972	3.6058	3.7297	3.8383	3.9622	4.0708	4.1947
Camarilla	3.7896	3.8109	3.8322	3.8535	3.8748	3.8961	3.9174
Woodie	3.5048	3.6096	3.7373	3.8421	3.9698	4.0746	4.2023
Fibonacci	3.6058	3.6947	3.7495	3.8383	3.9272	3.9820	4.0708

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):	42.48
MACD (12,26,9):	-0.0108
Directional Movement:	-9.0597
AROON (14):	-35.7142
DEMA (21):	3.8010
Parabolic SAR (0,02-0,02-0,2):	3.9314
Elder Ray (13):	-0.0577
Super Trend (3,10):	3.9061
Zig ZAG (10):	3.7535
VORTEX (21):	0.9690
Stochastique (14,3,5):	13.48
TEMA (21):	3.7877
Williams %R (14):	-90.02
Chande Momentum Oscillator (20):	-0.0400
Repulse (5,40,3):	-1.4202
ROCnROLL:	2
TRIX (15,9):	-0.0043
Courbe Coppock:	1.31

MA7:	3.8043
MA20:	3.8066
MA50:	3.8305
MA100:	3.7695
MAexp7:	3.7898
MAexp20:	3.8114
MAexp50:	3.8121
MAexp100:	3.8124
Price / MA7:	-1.15%
Price / MA20:	-1.21%
Price / MA50:	-1.83%
Price / MA100:	-0.24%
Price / MAexp7:	-0.77%
Price / MAexp20:	-1.34%
Price / MAexp50:	-1.35%
Price / MAexp100:	-1.36%

Quotes : - 10 min delayed data - COMEX Futures

News

The last news published on COPPER at the time of the generation of this analysis was as follows:

This member declared not having a position on this financial instrument or a related financial instrument.

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