COPPER - Weekly - Technical analysis published on 02/08/2024 (GMT)
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- Timeframe : Weekly
- - Analysis generated on
- Status : INVALID
Summary of the analysis
Trends
Short term:
Bearish
Underlying:
Strongly bearish
Technical indicators
28%
33%
39%
My opinion
Bearish under 4.0745 USD
My targets
3.6550 USD (-2.82%)
3.3265 USD (-11.55%)
My analysis
The bearish basic trend is very strong on COPPER but the short term shows some signs of running out of steam. However, a sale could be considered as long as the price remains below 4.0745 USD. Crossing the first support at 3.6550 USD would be a sign of a further potential price plummet. Sellers would then use the next support located at 3.3265 USD as an objective. Crossing it would then enable sellers to target 3.0416 USD. Caution, a return to above the resistance located at 4.0745 USD would be a sign of a possible consolidation phase of the short-term basic trend. 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.
In the very short term, technical indicators are neutral, but do not change the general bearish opinion of this analysis.
Force
0
10
5.5
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This analysis was given by Muhahaha. Take part yourself by sharing additional analysis on another time unit:
Additional analysis
Quotes
COPPER rating 3.7610 USD. The price is lower by -2.40% over the 5 days and has been traded over the last 5 days between 3.7315 USD and 3.8330 USD. This implies that the 5 day price is +0.79% from its lowest point and -1.88% from its highest point.3.7315
3.8330
3.7610
So that you have an overall view of the price change, here is a table showing the variations over several periods:
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
A technical analysis in Weekly of this COPPER chart shows a sharp bearish trend. The signals given by moving averages are 89.29% bearish. This strongly bearish trend seems to be slowing down given the slightly bearish signals being given by short-term moving averages. The Central Indicators scanner detects a bearish signal on moving averages that could impact this trend:
Bearish price crossover with Moving Average 20
Type : Bearish
Timeframe : Weekly
An assessment of technical indicators does not currently provide any relevant information on the direction of future price movements.
Other results related to technical indicators were also found by the Central Indicators scanner:
Pivot points : price is under support 1
Type : Neutral
Timeframe : Weekly
Parabolic SAR indicator bearish reversal
Type : Bearish
Timeframe : Weekly
Momentum indicator is back under 0
Type : Bearish
Timeframe : Weekly
Williams %R indicator is back under -50
Type : Bearish
Timeframe : Weekly
The analysis of the price chart with Central Patterns scanners does not return any result.
For a small setback in the very short term, the Central Candlesticks scanner currently notes the presence of this bearish pattern in Japanese candlesticks:
Black evening star
Type : Bearish
Timeframe : Weekly
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 3.0416 | 3.3265 | 3.6550 | 3.7610 | 4.0745 | 4.3745 | 4.5797 |
| Change (%) | -19.13% | -11.55% | -2.82% | - | +8.34% | +16.31% | +21.77% |
| Change | -0.7194 | -0.4345 | -0.1060 | - | +0.3135 | +0.6135 | +0.8187 |
| Level | Minor | Intermediate | Major | - | Intermediate | Major | Minor |
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 technical indicators and moving averages registered at the time this technical analysis was created:
Technical indicators
Moving averages
| RSI (14): | 46.71 | |
| MACD (12,26,9): | -0.0091 | |
| Directional Movement: | -1.3937 | |
| AROON (14): | 42.8572 | |
| DEMA (21): | 3.7923 | |
| Parabolic SAR (0,02-0,02-0,2): | 3.9740 | |
| Elder Ray (13): | -0.0249 | |
| Super Trend (3,10): | 4.0996 | |
| Zig ZAG (10): | 3.7605 | |
| VORTEX (21): | 0.9889 | |
| Stochastique (14,3,5): | 55.02 | |
| TEMA (21): | 3.8122 | |
| Williams %R (14): | -62.03 | |
| Chande Momentum Oscillator (20): | -0.0265 | |
| Repulse (5,40,3): | -3.1912 | |
| ROCnROLL: | 2 | |
| TRIX (15,9): | -0.0552 | |
| Courbe Coppock: | 5.59 |
| MA7: | 3.8043 | |
| MA20: | 3.8066 | |
| MA50: | 3.8305 | |
| MA100: | 3.7695 | |
| MAexp7: | 3.8039 | |
| MAexp20: | 3.8099 | |
| MAexp50: | 3.8574 | |
| MAexp100: | 3.9064 | |
| Price / MA7: | -1.14% | |
| Price / MA20: | -1.20% | |
| Price / MA50: | -1.81% | |
| Price / MA100: | -0.23% | |
| Price / MAexp7: | -1.13% | |
| Price / MAexp20: | -1.28% | |
| Price / MAexp50: | -2.50% | |
| Price / MAexp100: | -3.72% |
Quotes :
-
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:
-
Trade idea: Looking long on copper
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Trade of the Week: short copper
-
Trading the Trend: Short copper
-
Inside Sweden’s copper mega-mine | DW News
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Asiamet Resources pushing ahead 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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