COPPER - 15 min. - Technical analysis published on 08/07/2024 (GMT)
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- Timeframe : 15 min.
- - Analysis generated on
- Status : TARGET REACHED
Summary of the analysis
Trends
Short term:
Neutral
Underlying:
Bearish
Technical indicators
50%
6%
44%
My opinion
Bearish under 4.0157 USD
My targets
3.9713 USD (-0.36%)
3.9157 USD (-1.75%)
My analysis
We are currently in a phase of short-term indecision. In a case like this, you could favour trades in the direction of the basic trend on COPPER. As long as you are under the resistance located at 4.0157 USD, traders with an aggressive trading strategy could consider a sale. A cross of the support located at 3.9713 USD would be a signal of a reversal in the basic trend and the short-term trend could then quickly become bearish. Sellers would then use the next support located at 3.9157 USD as an objective. Crossing it would then enable sellers to target 3.8713 USD. If the resistance 4.0157 USD were to be broken, this would simply be a sign of possible further short-term consolidation and trading against this trend would then perhaps be more risky.
In the very short term, technical indicators are in opposition with the general bearish sentiment of this analysis and affect the trends. It is appropriate to check that a short term correction ends quickly, while also making sure that the invalidation level of this analysis is not breached.
Force
0
10
1.1
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Additional analysis
Quotes
The COPPER price is 3.9855 USD. The price is lower by -1.03% since the last closing with the lowest point at 3.9530 USD and the highest point at 4.0160 USD. The deviation from the price is +0.82% for the low point and -0.76% for the high point.3.9530
4.0160
3.9855
The Central Gaps scanner detects a bearish opening. A small advantage for sellers in the very short term.
Bearish opening
Type : Bearish
Timeframe : Openning
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 15 min. of this COPPER chart shows a bearish trend. 71.43% of the signals given by moving averages are bearish. Caution: the neutral signals currently given by short-term moving averages show us that the global trend is losing momentum. An assessment of moving averages reveals several bearish signals that could impact this trend:
Bearish trend reversal : Moving Average 100
Type : Bearish
Timeframe : 15 minutes
Bearish price crossover with adaptative moving average 20
Type : Bearish
Timeframe : 15 minutes
In fact, only 9 technical indicators out of 18 studied are currently positioned bullish. Central Indicators, the scanner specialised in technical indicators, has identified this signal:
Pivot points : price is under support 1
Type : Neutral
Timeframe : Weekly
No signals are given by Central Patterns, a market scanner specialised in chart patterns, resistances and supports.
The presence of these bullish Japanese candlestick patterns detected by Central Candlesticks that could cause a very short term rebound were also noted:
Bullish harami
Type : Bullish
Timeframe : 15 minutes
Bullish harami cross
Type : Bullish
Timeframe : 15 minutes
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 3.7652 | 3.9305 | 3.9609 | 3.9855 | 3.9862 | 4.0550 | 4.1013 |
| Change (%) | -5.53% | -1.38% | -0.62% | - | +0.02% | +1.74% | +2.91% |
| Change | -0.2203 | -0.0550 | -0.0246 | - | +0.0007 | +0.0695 | +0.1158 |
| Level | Minor | Intermediate | Major | - | Major | Intermediate | 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 | 3.8713 | 3.9157 | 3.9713 | 4.0157 | 4.0713 | 4.1157 | 4.1713 |
| Camarilla | 3.9995 | 4.0087 | 4.0178 | 4.0270 | 4.0362 | 4.0453 | 4.0545 |
| Woodie | 3.8770 | 3.9185 | 3.9770 | 4.0185 | 4.0770 | 4.1185 | 4.1770 |
| Fibonacci | 3.9157 | 3.9539 | 3.9775 | 4.0157 | 4.0539 | 4.0775 | 4.1157 |
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 are the details of the technical indicators and moving averages that were collected to generate this technical analysis:
Technical indicators
Moving averages
| RSI (14): | 50.61 | |
| MACD (12,26,9): | -0.0017 | |
| Directional Movement: | 2.4470 | |
| AROON (14): | 92.8571 | |
| DEMA (21): | 3.9761 | |
| Parabolic SAR (0,02-0,02-0,2): | 3.9652 | |
| Elder Ray (13): | 0.0044 | |
| Super Trend (3,10): | 3.9908 | |
| Zig ZAG (10): | 3.9800 | |
| VORTEX (21): | 0.9804 | |
| Stochastique (14,3,5): | 80.17 | |
| TEMA (21): | 3.9793 | |
| Williams %R (14): | -43.10 | |
| Chande Momentum Oscillator (20): | 0.0050 | |
| Repulse (5,40,3): | -0.0083 | |
| ROCnROLL: | -1 | |
| TRIX (15,9): | -0.0141 | |
| Courbe Coppock: | 0.60 |
| MA7: | 4.0649 | |
| MA20: | 4.2127 | |
| MA50: | 4.3970 | |
| MA100: | 4.4430 | |
| MAexp7: | 3.9799 | |
| MAexp20: | 3.9801 | |
| MAexp50: | 3.9872 | |
| MAexp100: | 3.9964 | |
| Price / MA7: | -1.95% | |
| Price / MA20: | -5.39% | |
| Price / MA50: | -9.36% | |
| Price / MA100: | -10.30% | |
| Price / MAexp7: | +0.14% | |
| Price / MAexp20: | +0.14% | |
| Price / MAexp50: | -0.04% | |
| Price / MAexp100: | -0.27% |
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
-
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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