COPPER

- USD (-)

- 10 min delayed data - COMEX Futures

Open:	-
Change:	-
Volume:	-

Low:	-
High:	-
High / Low range:	-

Type:	Commodities
Ticker:	CA
ISIN:

COPPER - 1H - Technical analysis published on 05/22/2024 (GMT)

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Timeframe : 1H
- Analysis generated on
Status : TARGET REACHED

Summary of the analysis

Trends

Short term: Strongly bearish

Underlying: Strongly bearish

Technical indicators

11%

72%

17%

My opinion

Bearish under 4.9430 USD

My targets

4.8140 USD (-0.61%)

4.6765 USD (-3.45%)

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 4.9430 USD. The next support located at 4.8140 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 4.6765 USD. Below this support, sellers could then target 4.6150 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.

In the very short term, the general bearish sentiment is confirmed by technical indicators. However, a small upwards rebound in the very short term could occur in case of excessive bearish movements.

Force

7.3

Comment on the analysis

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 Barts_XV. Take part yourself by sharing additional analysis on another time unit:

Additional analysis

Quotes

The COPPER rating is 4.8435 USD. On the day, this instrument lost -5.14% with the lowest point at 4.8380 USD and the highest point at 5.1330 USD. The deviation from the price is +0.11% for the low point and -5.64% for the high point.

4.8380

5.1330

4.8435

A bearish opening was detected by the Central Gaps scanner. Sellers are trying to impose a bearish trend 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:

The study of the highest / lowest by the Central Records scanner shows the following results:

New HIGH record (5 years)

Type : Bullish

Timeframe : Weekly

Near a new HIGH record (1 year)

Type : Bullish

Timeframe : Weekly

Near a new HIGH record (1st january)

Type : Bullish

Timeframe : Weekly

Near a new HIGH record (1 month)

Type : Bullish

Timeframe : Weekly

Technical

A technical analysis in 1H of this COPPER chart shows a sharp bearish trend. 85.71% 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 scanner detects a bearish signal on moving averages that could impact this trend:

Moving Average bearish crossovers : AMA50 & AMA100

Type : Bearish

Timeframe : 1 hour

An assessment of technical indicators shows a strong bearish signal.
Caution: the Central Indicators scanner currently detects an excess:

RSI indicator is oversold : under 20

Type : Neutral

Timeframe : 1 hour

CCI indicator is oversold : under -100

Type : Neutral

Timeframe : 1 hour

Previous candle closed under Bollinger bands

Type : Neutral

Timeframe : 1 hour

Williams %R indicator is oversold : under -80

Type : Neutral

Timeframe : 1 hour

Central Indicators, the scanner specialised in technical indicators, has identified these signals:

Pivot points : price is under support 3

Type : Neutral

Timeframe : 1 hour

Price is back under the pivot point

Type : Bearish

Timeframe : Weekly

No signals are given by Central Patterns, a market scanner specialised in chart patterns, resistances and supports.

The Central Candlesticks scanner which studies Japanese candlesticks did not detect anything.

ProTrendLines

Price

	S3	S2	S1	Price	R1	R2	R3
ProTrendLines	4.6150	4.6765	4.8140	4.8435	4.9430	5.0662	5.1280
Change (%)	-4.72%	-3.45%	-0.61%	-	+2.05%	+4.60%	+5.87%
Change	-0.2285	-0.1670	-0.0295	-	+0.0995	+0.2227	+0.2845
Level	Intermediate	Intermediate	Intermediate	-	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	4.8522	4.9323	5.0192	5.0993	5.1862	5.2663	5.3532
Camarilla	5.0601	5.0754	5.0907	5.1060	5.1213	5.1366	5.1519
Woodie	4.8555	4.9340	5.0225	5.1010	5.1895	5.2680	5.3565
Fibonacci	4.9323	4.9961	5.0355	5.0993	5.1631	5.2025	5.2663

Weekly

Pivot points	S3	S2	S1	PP	R1	R2	R3
Standard	4.2227	4.4193	4.7347	4.9313	5.2467	5.4433	5.7587
Camarilla	4.9092	4.9561	5.0031	5.0500	5.0969	5.1439	5.1908
Woodie	4.2820	4.4490	4.7940	4.9610	5.3060	5.4730	5.8180
Fibonacci	4.4193	4.6149	4.7358	4.9313	5.1269	5.2478	5.4433

Monthly

Pivot points	S3	S2	S1	PP	R1	R2	R3
Standard	3.5288	3.7917	4.1688	4.4317	4.8088	5.0717	5.4488
Camarilla	4.3700	4.4287	4.4873	4.5460	4.6047	4.6633	4.7220
Woodie	3.5860	3.8203	4.2260	4.4603	4.8660	5.1003	5.5060
Fibonacci	3.7917	4.0362	4.1872	4.4317	4.6762	4.8272	5.0717

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):	23.00
MACD (12,26,9):	-0.0529
Directional Movement:	-36.4720
AROON (14):	-85.7142
DEMA (21):	4.9371
Parabolic SAR (0,02-0,02-0,2):	4.9835
Elder Ray (13):	-0.1084
Super Trend (3,10):	4.9727
Zig ZAG (10):	4.8630
VORTEX (21):	0.6460
Stochastique (14,3,5):	5.67
TEMA (21):	4.8904
Williams %R (14):	-94.58
Chande Momentum Oscillator (20):	-0.2060
Repulse (5,40,3):	-1.8224
ROCnROLL:	2
TRIX (15,9):	-0.0879
Courbe Coppock:	6.56

MA7:	4.9687
MA20:	4.7253
MA50:	4.4188
MA100:	4.1324
MAexp7:	4.9179
MAexp20:	4.9953
MAexp50:	5.0351
MAexp100:	5.0120
Price / MA7:	-2.52%
Price / MA20:	+2.50%
Price / MA50:	+9.61%
Price / MA100:	+17.21%
Price / MAexp7:	-1.51%
Price / MAexp20:	-3.04%
Price / MAexp50:	-3.81%
Price / MAexp100:	-3.36%

Quotes : - 10 min delayed data - COMEX Futures

News

The last news published on COPPER at the time of the generation of this analysis was as follows:

This member declared not having a position on this financial instrument or a related financial instrument.

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