COPPER - 1H - Technical analysis published on 07/31/2024 (GMT)
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- Timeframe : 1H
- - Analysis generated on
- Status : LEVEL MAINTAINED
Analysis too old. There are no more charts available.
Summary of the analysis
Trends
Short term:
Strongly bullish
Underlying:
Strongly bullish
Technical indicators
72%
0%
28%
My opinion
Bullish above 4.1013 USD
My targets
4.2290 USD (+1.98%)
4.2910 USD (+3.47%)
My analysis
COPPER is part of a very strong bullish trend. Traders may consider trading only long positions (at the time of purchase) as long as the price remains well above 4.1013 USD. The next resistance located at 4.2290 USD is the next bullish objective to be reached. A bullish break in this resistance would boost the bullish momentum. The bullish movement could then continue towards the next resistance located at 4.2910 USD. After this resistance, buyers could then target 4.4060 USD. With the current pattern, you will need to monitor for possible bullish 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 bullish trend. Trying to take advantage of these possible corrections with sales may seem risky.
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
7.3
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Additional analysis
Quotes
COPPER rating 4.1470 USD. The price has increased by +1.54% since the last closing with the lowest point at 4.0865 USD and the highest point at 4.1615 USD. The deviation from the price is +1.48% for the low point and -0.35% for the high point.4.0865
4.1615
4.1470
A bullish opening was detected by the Central Gaps scanner. Buyers are trying to impose a bullish momentum in the very short term.
Bullish opening
Type : Bullish
Timeframe : Openning
Here is a more detailed summary of the historical variations registered by COPPER:
Near a new LOW record (1 month)
Type : Bearish
Timeframe : Weekly
Technical
Technical analysis of this 1H chart of COPPER indicates that the overall trend is strongly bullish. The signals given by the moving averages are 82.14% bullish. This strong bullish trend is confirmed by the strong signals currently being given by short-term moving averages. The Central Indicators scanner does not detect any result on moving averages that would impact this trend.
The probability of a further increase is high given the direction of the technical indicators.
Caution: the Central Indicators scanner currently detects an excess:
RSI indicator is overbought : over 70
Type : Neutral
Timeframe : 1 hour
CCI indicator is overbought : over 100
Type : Neutral
Timeframe : 1 hour
Williams %R indicator is overbought : over -20
Type : Neutral
Timeframe : 1 hour
Pivot points : price is over resistance 2
Type : Neutral
Timeframe : 1 hour
Price is back over the pivot point
Type : Bullish
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
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 4.0360 | 4.0610 | 4.1013 | 4.1470 | 4.1560 | 4.2290 | 4.2910 |
| Change (%) | -2.68% | -2.07% | -1.10% | - | +0.22% | +1.98% | +3.47% |
| Change | -0.1110 | -0.0860 | -0.0457 | - | +0.0090 | +0.0820 | +0.1440 |
| Level | Intermediate | Minor | Minor | - | Major | Major | Minor |
Pivot points can also be used to set your price objectives. Here is the price situation in relation to pivot points:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 3.9727 | 4.0013 | 4.0427 | 4.0713 | 4.1127 | 4.1413 | 4.1827 |
| Camarilla | 4.0648 | 4.0712 | 4.0776 | 4.0840 | 4.0904 | 4.0968 | 4.1033 |
| Woodie | 3.9790 | 4.0045 | 4.0490 | 4.0745 | 4.1190 | 4.1445 | 4.1890 |
| Fibonacci | 4.0013 | 4.0281 | 4.0446 | 4.0713 | 4.0981 | 4.1146 | 4.1413 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 3.7940 | 3.9150 | 4.0195 | 4.1405 | 4.2450 | 4.3660 | 4.4705 |
| Camarilla | 4.0620 | 4.0827 | 4.1033 | 4.1240 | 4.1447 | 4.1653 | 4.1860 |
| Woodie | 3.7858 | 3.9109 | 4.0113 | 4.1364 | 4.2368 | 4.3619 | 4.4623 |
| Fibonacci | 3.9150 | 4.0011 | 4.0544 | 4.1405 | 4.2266 | 4.2799 | 4.3660 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 3.8990 | 4.1140 | 4.2660 | 4.4810 | 4.6330 | 4.8480 | 5.0000 |
| Camarilla | 4.3171 | 4.3507 | 4.3844 | 4.4180 | 4.4516 | 4.4853 | 4.5189 |
| Woodie | 3.8675 | 4.0983 | 4.2345 | 4.4653 | 4.6015 | 4.8323 | 4.9685 |
| Fibonacci | 4.1140 | 4.2542 | 4.3408 | 4.4810 | 4.6212 | 4.7078 | 4.8480 |
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): | 68.55 | |
| MACD (12,26,9): | 0.0190 | |
| Directional Movement: | 18.7424 | |
| AROON (14): | 92.8571 | |
| DEMA (21): | 4.1355 | |
| Parabolic SAR (0,02-0,02-0,2): | 4.1184 | |
| Elder Ray (13): | 0.0215 | |
| Super Trend (3,10): | 4.1003 | |
| Zig ZAG (10): | 4.1460 | |
| VORTEX (21): | 1.2507 | |
| Stochastique (14,3,5): | 87.84 | |
| TEMA (21): | 4.1534 | |
| Williams %R (14): | -22.00 | |
| Chande Momentum Oscillator (20): | 0.0535 | |
| Repulse (5,40,3): | 0.2456 | |
| ROCnROLL: | 1 | |
| TRIX (15,9): | 0.0464 | |
| Courbe Coppock: | 3.33 |
| MA7: | 4.1194 | |
| MA20: | 4.3524 | |
| MA50: | 4.4729 | |
| MA100: | 4.4457 | |
| MAexp7: | 4.1396 | |
| MAexp20: | 4.1139 | |
| MAexp50: | 4.1009 | |
| MAexp100: | 4.1141 | |
| Price / MA7: | +0.67% | |
| Price / MA20: | -4.72% | |
| Price / MA50: | -7.29% | |
| Price / MA100: | -6.72% | |
| Price / MAexp7: | +0.18% | |
| Price / MAexp20: | +0.80% | |
| Price / MAexp50: | +1.12% | |
| Price / MAexp100: | +0.80% |
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:
-
Watch live: Train carrying copper crashed head on with passenger train in Santiago, Chile
-
Charting the markets: Copper to double? Central bank announcements and UK election effect on FX
-
Why Copper Demand Is Skyrocketing
-
Gold & Copper Hit Record Highs! Is Inflation Coming Back?
-
Sweden's Sámi pay the price in Europe's quest for copper
This member declared not having a position on this financial instrument or a related financial instrument.
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