CPRUSD trade ideas
Copper Plot...Timelines will probably be out but who cares - it's going to be the largest beneficiary of the zero carbon future - supply shortages will come into play also - most copper mines also are long in the tooth and reserves are depleting + it takes about 12-15 years to even get one registered/running as a producer...Long term this can only go up lol.
Copper Worth a BuyCopper has crossed the Daily River triggering a buy consideration.
We can see momentum shifting from the selles to the buyers , as price and momentum shift to the upside.
Trade on chart .
Copper to 3.40 ?"Head and Shoulders" formation on the 4H Chart
Measured Target 3.4 which, if you are a fan of fibs, is also a 1.61 level.
Invalidation ~3.60
Copper analysis: Has the bear market rally ended already?After a 37% decline from its peak of $5.03 per pound in early-March 2022, copper has risen 14% since July's lows.
However, the metal has recently been unable to overcome key resistance levels represented by the 50-day moving average and the descending channel trendline, as fresh worries about global growth slowdown and monetary policy tightening reemerged this week.
Key macro events of the week:
China, the world's largest consumer of copper, unexpectedly lowered lending rates in an effort to boost demand after reporting weaker-than-anticipated July numbers for industrial production (3.8% vs 4.6% expected), fixed asset investments (5.7% vs 6.2%), and retail sales (2.7% vs 5%).
In the United States, the New York Empire State Manufacturing Index plunged to -31.3 in August of 2022, from 11.2 in July. This is the lowest reading since May of 2020, and it indicates that business activity is weakening as a result of a collapse in new orders and shipments.
Germany's ZEW economic sentiment index has fallen to its lowest level since October 2008, and the UK inflation rate has risen to double digits, the highest in 40 years, adding fuel to the fire and reigniting fears of a global recession.
Ultimately, the Minutes of the FOMC's July meeting revealed that there is still a long way to go before declaring the war on inflation won, with members indicating that adopting a more restrictive policy stance was critical to avoiding a worsening of inflation expectations. This implies that the Fed's tightening is far from over.
Copper technical analysis
A bear market rally that is nearing exhaustion can be seen on the copper daily chart. The price action this week has been unable to break above both the bearish channel and the 50-dma, the RSI has tilted to the downside, and the MACD is getting close to a bearish crossover.
A similar pattern occurred earlier this year, in the first week of June.
After a 14% rebound from May's lows, copper briefly surpassed the 50-day moving average before beginning a severe, steep decline that lasted until mid-July. The RSI and MACD indicators both showed similar patterns to what we are seeing now.
Bottom line, a copper's short-term pullback to the bearish channel's midline in the $3.2-3.3 area seems more likely, given the current technical setup. Breaking decisively the 50-dma and bearish channel resistances would invalidate the thesis and raise the odds of a $4.00 per pound test.
Idea written by Piero Cingari, forex and commodity analyst at Capital.com
COPPER PENNANT CONTINUATION TRADEWe have stuck religiously to the support trend line and are now seeing a break of resistance, once we break short term trend line upward, there will be perfect entry for bullish trade
COPPERStill a bearish scenario 📌
Waiting to go down a little bit more. The whole leg is just forming wave c of a zigzag.
*not a trading tips. wave count might be wrong 😏
CopperWe hit a weekly SD zone in copper. But was it enough? I'd gladly see gold come down to the 1600. Gold (H12) is also at a resistance zone with divergence, could we get one more push down in metals? And one more push down in stocks and cryptos and DXY up?
One other thing that supports gold 1600 and copper also going one more leg is the speed and strength it came down with.
For the North trade, I'd like us to show weakness southwards and strength northwards into one of the SD zones
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.
Major commodities, industrials, transportsCopper, aluminum, lumber, and oil are all trending downward while Industrials and Transports are trending upward with the general stock market.
copper short or longcopper is forming a descending triangle and ready for break out.
waiting for break out either down or up.
COPPER - Support HeldI have been watching the Copper price closely as it has a direct effect on JSE:AGL
I mentioned the 3.18 zone would be key to hold and so far price has reacted at the zone and bounced back to the 20 day moving average .
Consequently has also found support and moved back to the 20 day moving average.
I will be watching closely to see if a constructive pattern forms for a decent chance for a continued reversal setup
-- MANAGE YOUR RISK - -
Disclaimer: All ideas are my opinion and should not be taken as financial advice.
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.
Dr. Copper: Melt-Up is on the TableThis chart suggests that the global economy is not as bad as current sentiment is, at least for the rest of the year. It's hard to believe that given the Russia-Ukraine war, US inflation, Chinese lockdowns, Sri Lankan collapse, Turkish currency and debt crisis, so on and so forth. But these are not the first wars and crises in human history and markets move up and down. That said, I do believe that all of these problems will lead to global recession beyond this year but it's also possible that we are already in a recession which, like this chart suggests, is already ending... Yeah, I know, but melt-ups did occur during the Great Depression, so there is that...
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
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
First time for copperQuestion the title I had never done copper before so this is the first new to that chart, let me know if I miss something.
This is pretty cool of what I caught, 3.25 area supper is strong made a bullish dip reverse. Even tho this could make to 4.00 area if that reaches then we should see bulls take over throughout the breakout.. if the retest fails then should prepare the bears to push down the price a lot further.
Watch for reversals and be careful this is pretty damn spikey
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
