COPPER - Daily - Technical analysis published on 05/21/2024 (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
89%
0%
11%
My opinion
Bullish above 4.9430 USD
My targets
5.2078 USD (+0.89%)
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, technical indicators confirm the bullish opinion of this analysis. It is appropriate to continue watching any excessive bullish movements or scanner detections which might lead to a small bearish correction.
Force
0
10
8.9
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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
COPPER rating 5.1620 USD. The price has increased by +1.63% since the last closing with the lowest point at 5.0125 USD and the highest point at 5.1680 USD. The deviation from the price is +2.98% for the low point and -0.12% for the high point.5.0125
5.1680
5.1620
The Central Gaps scanner detects a bullish opening marking the presence of buyers ahead of sellers at the opening but not sufficiently marked to allow the price to register a quotation gap.
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:
New HIGH record (5 years)
Type : Bullish
Timeframe : Weekly
Near a new HIGH record (1 year)
Type : Bullish
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 Daily of this COPPER chart shows a strongly bullish trend. 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 market scanner currently does not detect any result that concerns moving averages.
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
CCI indicator: bearish divergence
Type : Bearish
Timeframe : Daily
Williams %R indicator is overbought : over -20
Type : Neutral
Timeframe : Daily
The analysis of the price chart with Central Patterns scanners does not return any result.
The Central Candlesticks scanner which studies Japanese candlesticks did not detect anything.
ProTrendLines
S3
S2
S1
R1
Price
| S3 | S2 | S1 | Price | R1 | |
|---|---|---|---|---|---|
| ProTrendLines | 4.4060 | 4.6765 | 4.9430 | 5.1620 | 5.2078 |
| Change (%) | -14.65% | -9.41% | -4.24% | - | +0.89% |
| Change | -0.7560 | -0.4855 | -0.2190 | - | +0.0458 |
| Level | Intermediate | Intermediate | Major | - | Major |
Attention could also be paid to pivot points to set price objectives:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 4.7940 | 4.8990 | 4.9890 | 5.0940 | 5.1840 | 5.2890 | 5.3790 |
| Camarilla | 5.0254 | 5.0433 | 5.0611 | 5.0790 | 5.0969 | 5.1148 | 5.1326 |
| Woodie | 4.7865 | 4.8953 | 4.9815 | 5.0903 | 5.1765 | 5.2853 | 5.3715 |
| Fibonacci | 4.8990 | 4.9735 | 5.0195 | 5.0940 | 5.1685 | 5.2145 | 5.2890 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 4.2227 | 4.4193 | 4.7347 | 4.9313 | 5.2467 | 5.4433 | 5.7587 |
| Camarilla | 4.9092 | 4.9561 | 5.0031 | 5.0500 | 5.0969 | 5.1439 | 5.1908 |
| Woodie | 4.2820 | 4.4490 | 4.7940 | 4.9610 | 5.3060 | 5.4730 | 5.8180 |
| Fibonacci | 4.4193 | 4.6149 | 4.7358 | 4.9313 | 5.1269 | 5.2478 | 5.4433 |
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): | 79.58 | |
| MACD (12,26,9): | 0.1902 | |
| Directional Movement: | 28.9872 | |
| AROON (14): | 85.7142 | |
| DEMA (21): | 4.9829 | |
| Parabolic SAR (0,02-0,02-0,2): | 4.7064 | |
| Elder Ray (13): | 0.2394 | |
| Super Trend (3,10): | 4.6206 | |
| Zig ZAG (10): | 5.1550 | |
| VORTEX (21): | 1.1712 | |
| Stochastique (14,3,5): | 88.61 | |
| TEMA (21): | 5.0543 | |
| Williams %R (14): | -6.07 | |
| Chande Momentum Oscillator (20): | 0.5980 | |
| Repulse (5,40,3): | 3.7648 | |
| ROCnROLL: | 1 | |
| TRIX (15,9): | 0.4852 | |
| Courbe Coppock: | 17.60 |
| MA7: | 4.9641 | |
| MA20: | 4.7082 | |
| MA50: | 4.4016 | |
| MA100: | 4.1234 | |
| MAexp7: | 4.9709 | |
| MAexp20: | 4.7469 | |
| MAexp50: | 4.4720 | |
| MAexp100: | 4.2516 | |
| Price / MA7: | +3.99% | |
| Price / MA20: | +9.64% | |
| Price / MA50: | +17.28% | |
| Price / MA100: | +25.19% | |
| Price / MAexp7: | +3.82% | |
| Price / MAexp20: | +8.72% | |
| Price / MAexp50: | +15.41% | |
| Price / MAexp100: | +21.39% |
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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Sweden's Sámi pay the price in Europe's quest for copper
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Why Glencore have joined the bidding war to buy Anglo American. #copper #Glencore #trading
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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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