COPPER - Daily - Technical analysis published on 05/15/2024 (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 (+2.93%)
My analysis
All elements being clearly bullish, it would be possible for traders to trade only long positions (at the time of purchase) on COPPER as long as the price remains well above 4.9430 USD. The buyers' bullish objective is set at 5.2078 USD. A bullish break in this resistance would boost the bullish momentum. However, beware of bullish excesses that could lead to a possible short-term correction; but this possible correction would not be tradeable.
In the very short term, the general bullish sentiment is confirmed by technical indicators. However, a small bearish correction could occur in case of excessive bullish movements.
Force
0
10
9.1
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This analysis was given by Barts_XV. Take part yourself by sharing additional analysis on another time unit:
Additional analysis
Quotes
The COPPER rating is 5.0595 USD. The price has increased by +3.36% since the last closing and was between 4.8910 USD and 5.0695 USD. This implies that the price is at +3.45% from its lowest and at -0.20% from its highest.4.8910
5.0695
5.0595
The Central Gaps scanner detects a bullish opening. A small advantage for buyers in the very short term.
Bullish opening
Type : Bullish
Timeframe : Openning
So that you have an overall view of the price change, here is a table showing the variations over several periods:
Near a new HIGH record (5 years)
Type : Bullish
Timeframe : Weekly
New HIGH record (1 year)
Type : Bullish
Timeframe : Weekly
New HIGH record (1st january)
Type : Bullish
Timeframe : Weekly
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 bullish. 92.86% of the signals given by moving averages are bullish. The overall trend is supported by the strong bullish signals from short-term moving averages. The Central Indicators scanner does not detect any result on moving averages that would impact this trend.
An assessment of technical indicators shows a strong bullish signal.
Caution: the Central Indicators scanner currently detects an excess:
RSI indicator is overbought : over 70
Type : Neutral
Timeframe : Daily
CCI indicator is overbought : over 100
Type : Neutral
Timeframe : Daily
Previous candle closed over Bollinger bands
Type : Neutral
Timeframe : Daily
Williams %R indicator is overbought : over -20
Type : Neutral
Timeframe : Daily
Pivot points : price is over resistance 1
Type : Neutral
Timeframe : Daily
Pivot points : price is over resistance 2
Type : Neutral
Timeframe : Weekly
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 | 5.0595 | 5.2078 |
| Change (%) | -7.57% | -5.65% | -2.30% | - | +2.93% |
| Change | -0.3830 | -0.2860 | -0.1165 | - | +0.1483 |
| Level | Intermediate | Intermediate | 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 | 4.5062 | 4.6363 | 4.7657 | 4.8958 | 5.0252 | 5.1553 | 5.2847 |
| Camarilla | 4.8236 | 4.8474 | 4.8712 | 4.8950 | 4.9188 | 4.9426 | 4.9664 |
| Woodie | 4.5058 | 4.6361 | 4.7653 | 4.8956 | 5.0248 | 5.1551 | 5.2843 |
| Fibonacci | 4.6363 | 4.7355 | 4.7967 | 4.8958 | 4.9950 | 5.0562 | 5.1553 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 4.2893 | 4.3972 | 4.5298 | 4.6377 | 4.7703 | 4.8782 | 5.0108 |
| Camarilla | 4.5964 | 4.6184 | 4.6405 | 4.6625 | 4.6846 | 4.7066 | 4.7286 |
| Woodie | 4.3018 | 4.4034 | 4.5423 | 4.6439 | 4.7828 | 4.8844 | 5.0233 |
| Fibonacci | 4.3972 | 4.4890 | 4.5458 | 4.6377 | 4.7295 | 4.7863 | 4.8782 |
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): | 79.12 | |
| MACD (12,26,9): | 0.1514 | |
| Directional Movement: | 30.7382 | |
| AROON (14): | 100.0000 | |
| DEMA (21): | 4.7943 | |
| Parabolic SAR (0,02-0,02-0,2): | 4.5163 | |
| Elder Ray (13): | 0.2937 | |
| Super Trend (3,10): | 4.5903 | |
| Zig ZAG (10): | 5.0585 | |
| VORTEX (21): | 1.2274 | |
| Stochastique (14,3,5): | 90.71 | |
| TEMA (21): | 4.8372 | |
| Williams %R (14): | -2.07 | |
| Chande Momentum Oscillator (20): | 0.3395 | |
| Repulse (5,40,3): | 7.0479 | |
| ROCnROLL: | 1 | |
| TRIX (15,9): | 0.4063 | |
| Courbe Coppock: | 11.23 |
| MA7: | 4.7307 | |
| MA20: | 4.6007 | |
| MA50: | 4.3140 | |
| MA100: | 4.0809 | |
| MAexp7: | 4.7896 | |
| MAexp20: | 4.6050 | |
| MAexp50: | 4.3773 | |
| MAexp100: | 4.1876 | |
| Price / MA7: | +6.95% | |
| Price / MA20: | +9.97% | |
| Price / MA50: | +17.28% | |
| Price / MA100: | +23.98% | |
| Price / MAexp7: | +5.64% | |
| Price / MAexp20: | +9.87% | |
| Price / MAexp50: | +15.58% | |
| Price / MAexp100: | +20.82% |
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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