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Copper Futures (HG1!), H4 Potential for Bearish DropTitle: Copper Futures (HG1!), H4 Potential for Bearish Drop Type: Bearish Drop Resistance: 3.6920 Pivot: 3.5545 Support: 3.3840 Preferred case: On the H4 chart, we have a bearish bias. To add confluence to this, price is under the Ichimoku cloud which indicates a bearish market. If this bearish momentum continues, expect price to possibly break the Pivot at 3.5545, where the 61.8% Fibonacci line is, before heading towards the support level at 3.3840, where the previous swing low is. Alternative scenario: Price may go back up towards the resistance line at 3.6920, where the 38.2% Fibonacci line is. Fundamentals: There are no major news.
COMEX:HG1!Short
by Genesiv
COPPER looks doomed on the long-term. Sell the rallies.Copper (HG1!) on the 1W time-frame appears to be repeating the previous major Bear Cycle that started in 2011/12. Based on this fractal analysis, the recent 1W rejection just below the 1W MA50 (blue trend-line) puts us at a proportionate level as on the February 06 2012 1W candle. Having rebounded on the 1W MA100 (green trend-line) both on the July 11 and September 26 candles, we expect initially to reach it again and then rebound to make a Lower High and form a trend-line similar to that of 2012 - 2014 that made structured Highs to sell that took Copper to the 2.000 - 1.9360 Support Zone. This long-term bearish pattern will get invalidated if the price breaks above the 0.618 Fibonacci extension, which was where (slightly below) the price was rejected on the February 06 2012 1W candle. ------------------------------------------------------------------------------- ** Please LIKE 👍, SUBSCRIBE ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support me, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- You may also TELL ME 🙋‍♀️🙋‍♂️ in the comments section which symbol you want me to analyze next and on which time-frame. The one with the most posts will be published tomorrow! 👏🎁 ------------------------------------------------------------------------------- 👇 👇 👇 👇 👇 👇 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
COMEX:HG1!Short
by TradingShot
4
Copper Futures (HG1!), H4 Potential for Bearish DropTitle: Copper Futures (HG1!), H4 Potential for Bearish Drop Type: Bearish Drop Resistance: 3.6920 Pivot: 3.5545 Support: 3.3840 Preferred case: On the H4 chart, we have a bearish bias. To add confluence to this, price is under the Ichimoku cloud which indicates a bearish market. If this bearish momentum continues, expect price to possibly head towards the Pivot at 3.5545, where the 61.8% Fibonacci line is. Alternative scenario: Price may go back up towards the resistance line at 3.6920, where the 38.2% Fibonacci line is. Fundamentals: There are no major news.
COMEX:HG1!Short
by Genesiv
1
Copper down 5 days in a row; 3.5545 is keyThe industrial metal topped on March 7th at 5.0395. However, for the next 3 months, HG sold off aggressively and made a July 15th low at 3.1315! Fears of increased inflation, increased interest rates, and increased Covid cases in China led to a fear of lack of future demand. Copper traded between 3.2430 and 3.7830 from mid-July and November 10th, when it gapped higher the day after a lower-than-expected US CPI reading. However, Copper was stopped just short of the 200-Day Moving Average near 3.9600 on November 14th, and it hasn’t looked back since. After a 5-day selloff, is copper ready to bounce? News of additional lockdowns and the “take-back” of a loosening of restrictions caused Copper to continue lower. Copper traded to horizontal support on Monday near 3.5545. If this price breaks, copper may easily fall to 3.3625. The next horizontal support levels are at the lows from September 28th at 3.2430, then the lows from July 15th at 3.1315. However, don’t be surprised if there is some profit-taking ahead of the long US holiday at the end of the week. Sellers will be looking to add to shorts if price does bounce. The first resistance level is at the August 26th highs of 3.893, then a confluence of resistance at: 1. the highs of November 14th 2. the 200 Day Moving Average, 3. the 61.8% Fibonacci retracement level from the highs of June 3rd to the lows of July15th. This resistance zone is between 3.9600 and 4.0250. However, 3.5545 seems to be the “make or break” level for copper. If it breaks, copper could be on its way to the next support at 3.3625. But if it holds, it could bounce to the 4.000 area!
COMEX:HG1!
by FOREXcom
Copper Futures ( HG1!), H4 Potential for Bearish MomentumType: Bearish Momentum Resistance: 3.5875 Pivot: 3.3815 Support: 3.2415 Preferred Case: The H4 price is in a downward channel and crossing below ichimoku cloud . The price may drop form the pivot at 3.3815, where the 61.8% fibonacci retracement is to the 1st support at 3.2415 where the swing low and 78.6% fibonacci projection sits Alternative scenario: If there is a price reversal, price will move to 3.5875, where the swing highs and 78.6% fibonacci retracement are. Fundamentals: There are no major news.
COMEX:HG1!Short
by Genesiv
Copper analysis and ideas: Will bears come back?Copper prices may remain under pressure in the coming months due to investors' apprehension about China's growth prospects in the wake of the 20th National Congress of the Chinese Communist Party, which disappointed the market. Since September, copper prices have fluctuated within a relatively narrow range (3.2-3.6) after the earlier sharp declines occurred this year. The long-term case for copper remains strong, as it is a key metal for the energy transition and global inventories are currently very low. However, one of the main challenges it faces in the near future is its dependence on China’s economic growth. The brown metal will remain under pressure unless China announces new growth-friendly economic policies to counteract the predicted slowdown in the country’s economy. However, the latest China Party Congress appears to prefer fostering sustainable growth and giving more importance to inequality, national security, and ideological matters. Copper bull markets have historically coincided with periods of extraordinary global growth, driven primarily by China. We have now reached a crossroads in that regard, and if China is unable to maintain high and consistent economic growth, copper will have to wait for a new global wave of coordinated investments toward the development of renewables and green energy. However, given the issues with inflation and rising interest rates that we are currently facing, it may still be years before the transition fully takes hold on a global scale. This could take the price of copper subdued for longer. When we look at the daily chart, we can see that some bearish pressure was forming near the 78.6% Fibonacci retracement level of the 2022 range. Also the 50-day moving average has been a quite strong dynamic resistance later. The technical picture remains overall on the bearish foot, and copper needs to clear the 2022 trendline at around $3.75 and then cross the psychological $4.00 mark before materially inverting the downtrend.
CAPITALCOM:COPPER
by Capitalcom
Copper Futures (HG1!), H4 Potential for Bearish DropType: Bearish Momentum Resistance: 3.5875 Pivot: 3.3815 Support: 3.2415 Preferred Case: The H4 price is in a downward trend and crossing below ichimoku cloud. The price is consolidating now, if the price can break the consolidating area, the price may drop form the pivot at 3.3815, where the 61.8% fibonacci retracement is to the 1st support at 3.2415 where the swing low and 78.6% fibonacci projection sits Alternative scenario: If there is a price reversal, price will move to 3.5875, where the swing highs and 78.6% fibonacci retracement are. Fundamentals: There are no major news.
COMEX:HG1!Short
by Genesiv
Copper Futures ( HG1! ), H4 Potential for Bullish MomentumType: Bullish Momentum Resistance: 3.5460 Pivot: 3.4400 Support: 3.3850 Preferred Case: The price is crossing the ichimoku cloud, if the price can break the cloud successfully, we can expect the price rise to the 1st resistance at 3.5460, where the overlap resistance and 61.8% fibonacci retracement are. Alternative scenario: If bearish momentum persists, expect price to continue falling towards the first support level at 3.3850, where the previous swing low is. Fundamentals: There is no major news.
COMEX:HG1!Long
by Genesiv
Copper Futures ( HG1! ), H4 Potential for Bullish MomentumTitle: Copper Futures ( HG1! ), H4 Potential for Bullish Momentum Type: Bearish Momentum Resistance: 3.4025 Pivot: 3.3610 Support: 3.2545 Preferred Case: On H4, with the price moving below the Ichimoku cloud and descending trendline, we have a bearish bias. However, price is resting on the 1st support at 3.2545 where the larger 78.6% Fibonacci line and 127.2% Fibonacci extension line lies. Expect a possible pullback back up to the Pivot line at 3.3610 where the previous swing low lies. Alternative scenario: Alternatively, the price may continue the bearish momentum and break through the 1st support and head towards the 3.1335 level where the previous swing low lies. Fundamentals: No major news
COMEX:HG1!Long
by Genesiv
Short Term Copper 'SELLS' heading into Q4 of 2022I think it's becoming more and more clear that copper sells could extend into the last quarter of the year. Corrective wave 4 seems complete at 0.382 of the second Minor wave count and price is currently in an impulsive bear wave of a lower degree. We should therefore expect Copper prices to plunge to $2.96/lb(-15.4% decline) with some minor bullish price action to around $3.2/lb before eventually finding support at $2.7/lb, representing a -22.42% decline based on the current market price. As indicated in the chart, this short idea comes into play ONLY WHEN Copper prices drop BELOW $3.35/lb, which is the terminus of the minuette wave 1. Additionally, I strongly recommend you to review my long term forecast in profile. Here is a link to my previous Copper forecast. Disclaimer: The information provided here is only for educational purposes and should NOT be taken as investment advice.
OANDA:XCUUSDShort
by Timgucci
Copper Futures (HG1!), H4 Potential for Bearish DropType : Bearish Drop Resistance :3.5555 Pivot: 3.4755 Support : 3.3695 Preferred Case: On the H4, with price below the ichimoku indicator and RSI is moving within a descending trendline, we have a bearish bias that the price may drop from the pivot at 3.4755, which is in line with the overlap support to the 1st support at 3.3695, where the 61.8% fibonacci retracement and overlap support are. Alternative scenario: Alternatively, price could rise to the 1st resistance at 3.5555, where the overlap resistance and 50% fibonacci retracement are. Fundamentals: No Major News
COMEX:HG1!Short
by Genesiv
Copper Futures (HG1!), H4 Potential for Bearish DropType : Bearish Drop Resistance :3.5565 Pivot: 3.4990 Support : 3.47325 Preferred Case: On the H4, with the Stoch is below 20, and the price is below ichimoku cloud, RSI is showing a descending trendline and Stoch is reversing from the resistance, we have a bearish bias that the price may drop from the pivot at 3.4990, which is in line with tyhe 50% fibonacci retracement and overlap support to the 2st support at 3.4325, which is in line with the swing low, 78.6% Fibonacci retracement and 61.8% fibonacci projection. Alternative scenario: Alternatively, price could rise to the 1st resistance at 3.5565, where the swing highs and 50% fibonacci retracement are. Fundamentals: No major news.
COMEX:HG1!Short
by Genesiv