Copper Trading The Corrective SequenceIn this update we review the recent price action in Copper and identify the next high probability trading opportunities and price objectives tot target
Copper
Copper Daily : Elliott wave analysis, potential target rangeIf copper price action respects my Elliott wave count in daily timeframe, expect the 5th wave to start sometime sooner. Please refer to my previous analysis of copper in 60 min time frame.
Looking at Elliott wave counts, wave#3 was greater than wave#1, so I am expecting wave#5 to be at least equal to wave#1 (see the vertical yellow bars), based on this assumption the target range for wave#5 is : 2.96 to 3.02
I am using two technical indicators 1) Monthly and Weekly Pivot Points and 2) Fib extension, on top of Elliott wave counts to decide when to get in a short trade and when to get out.
copper short or longcopper is forming a descending triangle and ready for break out.
waiting for break out either down or up.
Copper glimmerJust broke my downtrend boundary, MACD looks promising, 28 MA coming down for the challenge....first day of a break in copper for a relief rally?
I'm not saying it is Aliens, but...GOLD/COPPER vs TLT
They have a history of correlation as per the chart, but the TLT is way above the ratio... Could be nothing, or it could be the bond bulls are off-side. The chart doesn't go back to the 90s, so I would take it with a grain of salt. This is something one should be cognitive of when they are making big macro picks.
How To Go Short Copper (HG)Hi Traders,
This post takes a look at how we can go short on copper. There is a very simple setup to take if price does what I expect it to do. On the daily time frame, Price has managed to give a deeper rejection than I had anticipated in my last copper post, You will see that we are currently rejecting a resistance level on the daily, If you wanted to, you could add fib tool in order to add more confluence. We also have confirmed lower lows and lower highs and I would like to see the current structure price shorting opportunities to go with the overall trend.
On my trading time frame, Price is now facing a minor support level at 3.3800 which could give a short-lived rejection. I would then like to see the break below the level and retest so we can start looking for shorts. Because I am anticipation a new low on the commodity I will be holding my position all the way to 1.3100. The basic break and retest setup is what I will be waiting for on this one.
Looking at the flip side, the current near-term trend is still bullish and It could break the resistance shifting structure all the way bullish. Remember the smaller time frames eventually build into the higher timeframes. I will only be interested in buying above 3.4470.
be sure to keep an eye out on this one. Untill the next post.
Renaldo Philander.
COPPERFollow me to get profit from the market
After the pullback, we can enter the long position. We place a stop of 30 pips
You need to check for yourself
This is a suggestion
Trading is risky
copper can buy for fiboretracementfiboretracement now can buy for copper
Anglo copper output down year on year
Anglo American’s copper output is still suffering from lower grades and water shortages in Chile, while diamond guidance was lifted thanks to strong demand and operations.
MR.COPPER .618 MAJOR SUPPORT 4 now Chart posted is that of copper . we have 3 legs now down in the bear market . a natural target for support as it hit a 618 at BEST you can look for an ABC or abc x abc up until aug25 to sept 2 then CRASH
Copper to $10+ by 2024. Easy. ~$4.50 today is fundamentally not the same as ~$4.50 in 2011 - the last time copper traded at these prices. QE was fresh off the block in 2011. today, it is standard operating procedure and although the fed talks a good game with tapering, we have yet to see any balance sheet reduction.
Looking at this monthly chart, I noticed an interesting double bottom that hits its' target before entering price discovery between 1999-2006. the pattern is not perfect but it looks really similar to copper 2016-2022. Double bottom, target reached around $4.30, and now we're off to the races - price discovery.
I think copper to $10 in under 2 years is a very safe bet. It doesn't threaten fiat as much as gold/silver and is manipulated less as a result. It is critical in many industries and the push for everything to go IoT will continue the increasing pressure on copper as well.
Let's see how this one ages.
Southern Copper Corporation ($SCCO)SCCO has repeated this pattern 9 times in the past and 78% of them resulted with lower weekly closes.
If history repeats again, it is possible that the SCCO will close below $47.38 this week.
Trade Idea:
Sell SCCO at market
Stop-loss: $50.18
Duration: 1 week
Copper in free fall, but ...It is well known that due to the current circumstances of multifactors of the negative order, they are causing a Global crisis, which in turn cuts the industrial demand, clearly that happened in the past and is clearly illustrated in the last crisis ( "Subprime Crisis" ).
we have clear then the "high ceilings" and the "low floors",.
although there is copper falls without stopping,
but remember that this element is essential for the industry
in future mankind in electromobility plus also of electronics in general and industrial and so on.
and that is why the deep zone would eventually be a good buying zone. ,
also the fall of this metal is closely related to the Chilean ( clp ) peso.
copperThe support index lost $3.3.
But static support is $2.96 and dynamic support is #2.
The negative divergence caused the price to fall, but now we are seeing a positive divergence as it approaches the $2.7 support.
We should wait and see if the price will be supported by this strong downward momentum or not?
COPPER DOWNWARD TREND 🔻↘Copper showing downline trend↘, will be very helpful for long term trade. Will be profitable, if staying for long.
MCX:COPPER1!
P.S.- I am not responsible for any personal loss.
Lets Kill Copper (HG) Back To BackHi Traders,
Looking at Copper (HG) Again, Since the last post it has effortlessly melted to my target. I Now see another short opportunity coming up and I am looking at making sure we can capitalize on the commodity.
The way I am playing this one is that I am using less risk as I would not want to give back any profit if the setup does not work. Looking at the technical, Price has created a small consolidation and then has managed break it with a strong engulfing candle. Price came back is retesting the resistance at 3.25.
I have already entered the position and I am looking to ride the next leg down to 3.0365 which I think will be a beautiful trade.
Let us see how this one plays out.
Renaldo Philander
Inflation peak in 2025So you think we've hit peak inflation? In this new inflationary period, it seems that the 1065-day cycle between when the FED acts too late, and consumer prices peak, may be back in effect.
Silver Bullet Mines Major AchievementSilver has been beaten down and is pairings to bounce higher given rampant inflation and global economic strain. Both silver and copper are critical to industries including things like solar panel manufacturing for silver and electrical vehicle manufacturing for copper.
Silver Bullet Mines just announced it has successfully produced its first silver concentrate yesterday 7/12/2022at its wholly owned 125 metric ton per day mill near Globe, AZ.
They expect to produce copper from their Buckeye mine as well and have experienced no major setbacks, positioned now to achieve further milestones and increase production.
Both the mill and the Buckeye Mine are 100% controlled by SBMI.
Incredible opportunity at an incredible entry point with an ultra low cap early stage mining company.
Copper (HG) Double Top Setup In-Play Hi Traders,
Copper (HG) Double Top Setup In-Play, this is a very simple play due to the fact that we are still in a down trend and the lower high at 3.5640. We can see price tapped this price twice and then proceeded to fall. This surely shows that right now the bulls aren’t strong enough to push price.
We then see that a double top has formed and this has pushed price to break the neckline at 3.4750 and now we are currently retesting. I am currently short on the commodity and I would like to see bearish candles form in order for me to add more positions to my investment.
My target is the lows of 3.2740 where I will close my trade.
Be safe out there.
Renaldo Philander
Copper collapse from long distributionCopper has continued to break down after the long term distribution failed.
sell copper-short copperThose who make long-term deals can get a sell deal for the following targets.
tp1=3.5
tp2=3.27
Copper Futures, Short on every RiseWe are constantly keeping a watch on Copper and as per the chart Analysis we might see a drop in Copper in coming months.
We can short on Copper on ever Upside move.
Copper - where are we from a technical perspective?Disclaimer:
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