copper

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Technical Analysis – Copper futures penetrates ascending line; indicators weaken

Posted on September 24, 2020 at 12:58 pm GMT

Copper futures penetrated the six-month ascending trend line to the downside, falling beneath the 20- and 40-day simple moving averages (SMAs). The RSI indicator is standing in the negative zone, moving sideways, while the MACD oscillator is falling below the trigger line losing some momentum. A successful drop below the 2.9280 support level may shift the recent neutral bias to bearish moving towards the 2.7960 barrier. Clearing this zone, the 2.6960 hurdle could come in spotlight before slipping to 2.5510. [..]

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Technical Analysis – Copper futures stop at 26-month highs; positive risks may fade

Posted on September 3, 2020 at 1:17 pm GMT

Copper futures reached overbought levels according to the RSI and reversed lower after touching the 26-month peak of 3.0898 achieved on September 1. While the aforementioned technical indicator continues to slow down, mirroring the market’s bearish behavior over the past three days, the indicator is still moving in bullish territory, flagging that a recovery could reemerge in the short term. On the other hand, the MACD is holding below its trigger line, which supports the pullback. In case the pair changes its short-term direction to the [..]

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Technical Analysis – Copper futures on sidelines move in ascending triangle

Posted on April 2, 2020 at 1:46 pm GMT

Copper futures with delivery in May have been trading within an ascending triangle over the last couple of weeks, with strong resistance at the 2.2345 barrier. The short-term moving average lines are flattening near the 38.2% Fibonacci retracement level of the negative move from 2.5268 to 1.9683 at 2.1815. Technically, the MACD, holding near the zero level, is heading sideways in the 4-hour chart while the RSI is turning marginally lower at the 50 level, trying to enter in the bearish area. These signals [..]

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Technical Analysis – Copper futures stretch to new 2-year lows; bears to keep pressure

Posted on August 27, 2019 at 10:58 am GMT

Copper futures for December delivery softened under a well-established support area of 2.5300 (since 2017), extending the downward pattern to a new two-year low of 2.4952. Technically, the market could stay under pressure in the short-term as long as the MACD holds in negative area and under its red signal line, with the bearish RSI endorsing the view as well. Yet, the Stochastics’ bullish rebound in the oversold area suggests that upside corrections in the very short-term are possible. Traders could wait for a [..]

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Technical Analysis – Copper futures attempt to break above descending channel

Posted on June 12, 2019 at 2:12 pm GMT

Copper futures for July delivery have unsuccessfully attempted to pierce the upper boundary of the one-month old descending channel (2.695) on Tuesday. The positive momentum in the MACD signals that upside pressures may return in the short-term, but the price may first need to crawl comfortably above 2.711, the 61.8% Fibonacci retracement of the 2.539-2.991 bullish wave, to fuel a stronger buying interest. On the way up, the 50% Fibonacci and the 200-day simple moving average (SMA), could hostage the bulls. If not, then the 38.2% Fibonacci of 2.818 could [..]

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Technical Analysis – Copper futures records new low; bias still bearish

Posted on May 31, 2019 at 12:05 pm GMT

Copper futures with delivery on July 2019 are declining with strong momentum over the last three days below the 20- and 40-simple moving averages (SMAs) in the daily timeframe and recording a four-month low of 2.6260 today. The technical indicators are remaining in the bearish territory, with the RSI sloping down in the oversold zone and the MACD posting a bearish cross with its trigger line. In case the price extends the bearish move, immediate support is expected to come from the 2.5750 barrier, [..]

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Technical Analysis – Copper futures record 4-month low; bears have control

Posted on May 23, 2019 at 11:42 am GMT

Copper futures with delivery on July 2019 are falling below the 20- and 40-simple moving averages (SMAs) in the daily chart. Moreover, the technical indicators remain in bearish territory, with the RSI sloping down in oversold zone and the MACD oscillator is still endorsing the bearish view as it is weakening below its trigger line. In case the price extends the bearish move, the next immediate support is expected to come from the 2.6305 barrier.  A significant penetration of this line would drive prices lower until [..]

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Technical Analysis – Copper futures pares some significant losses; rebound on 2.8300 still stands

Posted on April 18, 2019 at 1:24 pm GMT

Copper futures with delivery on May 2019 are rising, paring previous sessions’ losses below the 20- and 40-simple moving averages (SMAs) in the 4-hour chart. However, the technical indicators remain in bearish territory, with the RSI sloping slightly up and the stochastic turning higher in the oversold zone. On the other hand, the MACD oscillator is still endorsing the bearish view as it is weakening below its trigger line. In case of an upside reversal, the price could reach the [..]

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Technical Analysis – Copper futures on a slippery slope; sideways channel holds

Posted on March 22, 2019 at 12:52 pm GMT

Copper futures with delivery on May 2019 have been moving in a sideways channel over the last month with an upper boundary at 2.9720 resistance level and lower boundary at 2.8700 support. The price is currently easing below the 23.6% Fibonacci retracement level of the upleg from 2.6130 to 2.9720 and the short-term moving averages. The technical indicators in the 4-hour chart are still located in bearish area, with the MACD declining below its trigger line and the RSI is losing momentum below its 50 neutral level. In case the price extends the pullback, the next immediate support is expected to come from the lower boundary. [..]

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Technical Analysis – Copper futures eases near upper boundary of consolidation area in medium term

Posted on February 8, 2019 at 12:26 pm GMT

Copper futures with delivery in March 2019 have been moving in a sideways channel over the last six months with an upper boundary the 2.8530 resistance level and lower boundary the 2.5480 support. Currently, the price is easing below the 38.2% Fibonacci retracement level of the downleg from 3.3290to 2.5480 around 2.8410. The technical indicators are still located in bullish area, with the MACD flattening above its red signal line, while the RSI is losing momentum above the 50 level. In [..]

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