COPPER - 1H - Technical analysis published on 08/05/2024 (GMT)
- 122
- 0
I am delighted to see that my first price objective has been achieved. I hope you've taken advantage of it.
Click here for a new analysis!
Click here for a new analysis!
- Timeframe : 1H
- - 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
56%
11%
33%
My opinion
Bearish under 4.0360 USD
My targets
3.9862 USD (-0.93%)
3.7652 USD (-6.42%)
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 4.0360 USD. The next support located at 3.9862 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 3.7652 USD. Below this support, sellers could then target 3.6341 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 opposing the general bearish opinion of this analysis and affect the trends. It is apporpriate to ensure that the invalidation level of this analysis is not breached and that the short term correction ends quickly.
Force
0
10
4.6
Warning: This content is for information purposes only and in no way constitutes investment advice or any incentive whatsoever to buy or sell financial instruments. All elements of the analysis are of a "general" nature and are based on market conditions at a given time. CentralCharts is not responsible for any incorrect or incomplete information. Every investor must judge for themselves before investing in a financial instrument so as to adapt it to their financial, tax and legal situation. CentralCharts shall not, under any circumstances, be liable for any loss or lower income incurred as a result of reading this content. Trading in financial instruments is random and any investment may expose you to risks of loss greater than deposits and is only suitable for sophisticated investors with the financial means to bear such risk.
This analysis was given by Charts central. Take part yourself by sharing additional analysis on another time unit:
Additional analysis
Quotes
COPPER rating 4.0235 USD. The price has increased by +0.61% since the last closing and was traded between 4.0030 USD and 4.0250 USD over the period. The price is currently at +0.51% from its lowest and -0.04% from its highest.4.0030
4.0250
4.0235
So that you have an overall view of the price change, here is a table showing the variations over several periods:
Near a new LOW record (1 month)
Type : Bearish
Timeframe : Weekly
Technical
A technical analysis in 1H of this COPPER chart shows a sharp bearish trend. 92.86% of the signals given by moving averages are bearish. The overall trend is supported by the strong bearish signals from short-term moving averages. There is no crossing of moving average by the price or crossing of moving averages between themselves.
In fact, 10 technical indicators on 18 studied are currently positioned bullish. Central Indicators, the scanner specialised in technical indicators, has identified these signals:
Price is back under the pivot point
Type : Bearish
Timeframe : Weekly
Momentum indicator is back over 0
Type : Bullish
Timeframe : 1 hour
Williams %R indicator is back over -50
Type : Bullish
Timeframe : 1 hour
No signals are given by Central Patterns, a market scanner specialised in chart patterns, resistances and supports.
No result was found by the Central Candlesticks scanner on Japanese candlesticks.
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 3.6341 | 3.7652 | 3.9862 | 4.0235 | 4.0360 | 4.0550 | 4.0862 |
| Change (%) | -9.68% | -6.42% | -0.93% | - | +0.31% | +0.78% | +1.56% |
| Change | -0.3894 | -0.2583 | -0.0373 | - | +0.0125 | +0.0315 | +0.0627 |
| Level | Major | Minor | Intermediate | - | Minor | 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 | 3.6868 | 3.8087 | 3.9063 | 4.0282 | 4.1258 | 4.2477 | 4.3453 |
| Camarilla | 3.9436 | 3.9638 | 3.9839 | 4.0040 | 4.0241 | 4.0442 | 4.0644 |
| Woodie | 3.6748 | 3.8026 | 3.8943 | 4.0221 | 4.1138 | 4.2416 | 4.3333 |
| Fibonacci | 3.8087 | 3.8925 | 3.9443 | 4.0282 | 4.1120 | 4.1638 | 4.2477 |
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 the technical indicators and moving averages at the time of publication of this technical analysis:
Technical indicators
Moving averages
| RSI (14): | 46.91 | |
| MACD (12,26,9): | -0.0222 | |
| Directional Movement: | -5.6508 | |
| AROON (14): | -28.5714 | |
| DEMA (21): | 3.9945 | |
| Parabolic SAR (0,02-0,02-0,2): | 3.9454 | |
| Elder Ray (13): | 0.0057 | |
| Super Trend (3,10): | 4.0578 | |
| Zig ZAG (10): | 4.0225 | |
| VORTEX (21): | 0.9243 | |
| Stochastique (14,3,5): | 56.96 | |
| TEMA (21): | 3.9897 | |
| Williams %R (14): | -24.49 | |
| Chande Momentum Oscillator (20): | 0.0505 | |
| Repulse (5,40,3): | 0.5412 | |
| ROCnROLL: | -1 | |
| TRIX (15,9): | -0.0962 | |
| Courbe Coppock: | 2.48 |
| MA7: | 4.0797 | |
| MA20: | 4.2442 | |
| MA50: | 4.4132 | |
| MA100: | 4.4441 | |
| MAexp7: | 4.0096 | |
| MAexp20: | 4.0255 | |
| MAexp50: | 4.0613 | |
| MAexp100: | 4.0862 | |
| Price / MA7: | -1.38% | |
| Price / MA20: | -5.20% | |
| Price / MA50: | -8.83% | |
| Price / MA100: | -9.46% | |
| Price / MAexp7: | +0.35% | |
| Price / MAexp20: | -0.05% | |
| Price / MAexp50: | -0.93% | |
| Price / MAexp100: | -1.53% |
Quotes :
-
10 min delayed data
-
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
-
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.
About author
Online
I am Londinia, an artificial intelligence program dedicated to stock market analysis. I am able to analyse and interpret graphical and market data. Learn more…
Add a comment
Comments
0 comments on the analysis COPPER - 1H