COPPER - Weekly - Technical analysis published on 05/21/2024 (GMT)
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- Timeframe : Weekly
- - 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
5.4488 USD (+5.60%)
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 5.4488 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.
Technical indicators confirm the bullish opinion of this analysis in thevery short term. However, be careful of excessive bullish movements. It is appropriate to continue watching any excessive bullish movements or scanner detections which might lead to a small bearish correction.
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
COPPER rating 5.1600 USD. Over 5 days, this instrument gained +5.41% and has been traded over the last 5 days between 4.8485 USD and 5.1990 USD. This implies that the 5 day price is +6.42% from its lowest point and -0.75% from its highest point.4.8485
5.1990
5.1600
The Central Gaps scanner detects a bullish opening. A small advantage for buyers in the very short term.
Bullish opening
Type : Bullish
Timeframe : Openning
Here is a more detailed summary of the historical variations registered by COPPER:
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
Technical analysis of this Weekly 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 market scanner currently does not detect any result that concerns moving averages.
The probability of a further increase is high given the direction of the technical indicators.
But beware of excesses. The Central Indicators scanner currently detects this:
RSI indicator is overbought : over 80
Type : Neutral
Timeframe : Weekly
CCI indicator is overbought : over 100
Type : Neutral
Timeframe : Weekly
Previous candle closed over Bollinger bands
Type : Neutral
Timeframe : Weekly
CCI indicator: bearish divergence
Type : Bearish
Timeframe : Weekly
Williams %R indicator is overbought : over -20
Type : Neutral
Timeframe : Weekly
Central Patterns, the scanner specializing in chart patterns, did not identify any signals.
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 | 3.9881 | 4.4060 | 4.9430 | 5.1600 | 5.2078 |
| Change (%) | -22.71% | -14.61% | -4.21% | - | +0.93% |
| Change | -1.1719 | -0.7540 | -0.2170 | - | +0.0478 |
| Level | Major | 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 are the details of the technical indicators and moving averages that were collected to generate this technical analysis:
Technical indicators
Moving averages
| RSI (14): | 81.73 | |
| MACD (12,26,9): | 0.2720 | |
| Directional Movement: | 36.4968 | |
| AROON (14): | 100.0000 | |
| DEMA (21): | 4.6437 | |
| Parabolic SAR (0,02-0,02-0,2): | 4.3515 | |
| Elder Ray (13): | 0.6029 | |
| Super Trend (3,10): | 4.4647 | |
| Zig ZAG (10): | 5.1570 | |
| VORTEX (21): | 1.2761 | |
| Stochastique (14,3,5): | 94.59 | |
| TEMA (21): | 4.8644 | |
| Williams %R (14): | -3.32 | |
| Chande Momentum Oscillator (20): | 1.2815 | |
| Repulse (5,40,3): | 11.3415 | |
| ROCnROLL: | 1 | |
| TRIX (15,9): | 0.5618 | |
| Courbe Coppock: | 44.14 |
| MA7: | 4.9641 | |
| MA20: | 4.7082 | |
| MA50: | 4.4016 | |
| MA100: | 4.1234 | |
| MAexp7: | 4.7309 | |
| MAexp20: | 4.3407 | |
| MAexp50: | 4.1112 | |
| MAexp100: | 4.0367 | |
| Price / MA7: | +3.95% | |
| Price / MA20: | +9.60% | |
| Price / MA50: | +17.23% | |
| Price / MA100: | +25.14% | |
| Price / MAexp7: | +9.07% | |
| Price / MAexp20: | +18.87% | |
| Price / MAexp50: | +25.51% | |
| Price / MAexp100: | +27.83% |
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:
-
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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