COPPER - 15 min. - Technical analysis published on 08/05/2024 (GMT)
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- Timeframe : 15 min.
- - Analysis generated on
- Status : TARGET REACHED
Analysis too old. There are no more charts available.
Summary of the analysis
Trends
Short term:
Strongly bearish
Underlying:
Strongly bearish
Technical indicators
22%
56%
22%
My opinion
Bearish under 4.0975 USD
My targets
4.0605 USD (-0.59%)
4.0180 USD (-1.63%)
My analysis
COPPER is part of a very strong bearish trend. Traders may consider trading only short positions (for sale) as long as the price remains well below 4.0975 USD. The next support located at 4.0605 USD is the next bearish objective to target. A bearish break of this support would revive the bearish momentum. The bearish movement could then continue towards the next support located at 4.0180 USD. Below this support, sellers could then target 3.9810 USD. With the current pattern, you will need to monitor for possible bearish 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 bearish trend. Trying to profit from the purchase of these possible corrections may seem risky.
Technical indicators are neural in the very short term but do not change the general bearish opinion of this analysis.
Force
0
10
6.1
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Additional analysis
Quotes
The COPPER price is 4.0845 USD. The price is lower by -0.45% since the last closing with the lowest point at 4.0420 USD and the highest point at 4.1500 USD. The deviation from the price is +1.05% for the low point and -1.58% for the high point.4.0420
4.1500
4.0845
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
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 COPPER in 15 min. shows a overall strongly bearish trend. 82.14% of the signals given by moving averages are bearish. This strongly bearish trend is supported by the strong bearish signals given by short-term moving averages. The Central Indicators market scanner currently does not detect any result that concerns moving averages.
The technical indicators are generally neutral. They do not provide relevant information on the direction of future price movements.
Caution: the Central Indicators scanner currently detects an excess:
RSI indicator is oversold : under 30
Type : Neutral
Timeframe : 15 minutes
CCI indicator is oversold : under -100
Type : Neutral
Timeframe : 15 minutes
Previous candle closed under Bollinger bands
Type : Neutral
Timeframe : 15 minutes
Williams %R indicator is oversold : under -80
Type : Neutral
Timeframe : 15 minutes
Price is back under the pivot point
Type : Bearish
Timeframe : Weekly
Central Patterns, the scanner specializing in chart patterns, did not identify any signals.
The Central Candlesticks scanner which studies Japanese candlesticks did not detect anything.
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 3.9862 | 4.0360 | 4.0550 | 4.0845 | 4.0862 | 4.1013 | 4.1351 |
| Change (%) | -2.41% | -1.19% | -0.72% | - | +0.04% | +0.41% | +1.24% |
| Change | -0.0983 | -0.0485 | -0.0295 | - | +0.0017 | +0.0168 | +0.0506 |
| Level | Intermediate | Minor | Major | - | Minor | Minor | 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 | 3.9810 | 4.0180 | 4.0605 | 4.0975 | 4.1400 | 4.1770 | 4.2195 |
| Camarilla | 4.0811 | 4.0884 | 4.0957 | 4.1030 | 4.1103 | 4.1176 | 4.1249 |
| Woodie | 3.9838 | 4.0194 | 4.0633 | 4.0989 | 4.1428 | 4.1784 | 4.2223 |
| Fibonacci | 4.0180 | 4.0484 | 4.0671 | 4.0975 | 4.1279 | 4.1466 | 4.1770 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 3.8207 | 3.9253 | 4.0142 | 4.1188 | 4.2077 | 4.3123 | 4.4012 |
| Camarilla | 4.0498 | 4.0675 | 4.0853 | 4.1030 | 4.1207 | 4.1385 | 4.1562 |
| Woodie | 3.8128 | 3.9214 | 4.0063 | 4.1149 | 4.1998 | 4.3084 | 4.3933 |
| Fibonacci | 3.9253 | 3.9993 | 4.0449 | 4.1188 | 4.1928 | 4.2384 | 4.3123 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 3.1723 | 3.6012 | 3.8418 | 4.2707 | 4.5113 | 4.9402 | 5.1808 |
| Camarilla | 3.8984 | 3.9598 | 4.0211 | 4.0825 | 4.1439 | 4.2052 | 4.2666 |
| Woodie | 3.0783 | 3.5541 | 3.7478 | 4.2236 | 4.4173 | 4.8931 | 5.0868 |
| Fibonacci | 3.6012 | 3.8569 | 4.0149 | 4.2707 | 4.5264 | 4.6844 | 4.9402 |
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): | 41.11 | |
| MACD (12,26,9): | -0.0143 | |
| Directional Movement: | -15.6450 | |
| AROON (14): | -92.8571 | |
| DEMA (21): | 4.0827 | |
| Parabolic SAR (0,02-0,02-0,2): | 4.0935 | |
| Elder Ray (13): | -0.0186 | |
| Super Trend (3,10): | 4.0964 | |
| Zig ZAG (10): | 4.0850 | |
| VORTEX (21): | 0.8481 | |
| Stochastique (14,3,5): | 17.84 | |
| TEMA (21): | 4.0691 | |
| Williams %R (14): | -63.38 | |
| Chande Momentum Oscillator (20): | -0.0615 | |
| Repulse (5,40,3): | 0.4189 | |
| ROCnROLL: | 2 | |
| TRIX (15,9): | -0.0177 | |
| Courbe Coppock: | 3.02 |
| MA7: | 4.1055 | |
| MA20: | 4.2754 | |
| MA50: | 4.4313 | |
| MA100: | 4.4460 | |
| MAexp7: | 4.0761 | |
| MAexp20: | 4.0970 | |
| MAexp50: | 4.1064 | |
| MAexp100: | 4.1090 | |
| Price / MA7: | -0.51% | |
| Price / MA20: | -4.47% | |
| Price / MA50: | -7.83% | |
| Price / MA100: | -8.13% | |
| Price / MAexp7: | +0.21% | |
| Price / MAexp20: | -0.31% | |
| Price / MAexp50: | -0.53% | |
| Price / MAexp100: | -0.60% |
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:
-
Watch live: Train carrying copper crashed head on with passenger train in Santiago, Chile
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Charting the markets: Copper to double? Central bank announcements and UK election effect on FX
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Why Copper Demand Is Skyrocketing
-
Gold & Copper Hit Record Highs! Is Inflation Coming Back?
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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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