No trouble yet, but there are question marksCopper has been one of the best performing metals so far, but are things really that rosy to justify such a high price after such a long bull run?
Here are few points that worth to examine:
- The trend is still bullish, but I see a minor negative momentum divergence on the daily haOscillator, haDelta+ and EWO.
- There is a possible bearish wedge being formed on daily. This pattern often proves to be reliable together with momentum divergence.
- Weekly chart may be losing momentum too, there is also a visible negative momentum divergence relative to price. In case haOscillator fails at its mid line and crosses down again, then a quick retracement will happen to 2,80-2,90 zone.
- Weekly price is extremely far above equilibrium level, even if we consider that as past candles will soon fall out, the Kijun and Senkou B average lines (currently both at 2,5313) will quickly catch up.
- Weekly EWO is at highs not seen since end of 2017, when market started to form a top.
- price on the weekly chart has enterred a hard resistance zone: highs of 2017-2018.
All together it doesn't look heavy, but the question for now wether it's possible to keep up this pace of the bullish squeeze?
Support levels to watch: 2,932 / 2,871 / 2,821
XCUUSD trade ideas
Copper is facing bullish pressure, potential for further upside Copper is approaching 3.00712 where it could potentially rise further to 3.09457. A break above our intermediate resistance level at 3.06076 could provide the bullish acceleration to our first resistance target.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Copper/Gold RatioWe might start to see longer term US bond weakness as the copper/gold ratio rebounds off the lower extreme of it's descending channel. In this example I'm using TLT, an ETF. These two have an inverse relationship and also correlate with the US dollar. Long term US bonds and the USD tend to have a positive correlation giving both a bearish outlook. This is more for analysis than trading and can provide another piece to the USD bear picture. Over the coming months or year we may see USD continue it's bearish trajectory, keeping it weak against it's major counterparts. My relative analysis says USD is currently weak and stronger currencies to pair against are AUD, CAD and NZD.
Copper is approaching support, potential bounce! Copper is approaching 3.00712 where it could potentially rise further to 3.09457. A break above our intermediate resistance level at 3.06076 could provide the bullish acceleration to our first resistance target.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully
understand the risks
Copper broke key support level, potential for further dropPrice broke a key support level previously and is facing bearish pressure from our 20 period EMA, Ichimoku cloud and descending trend line, where we could see a drop to our first support target.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks
No stopping for CopperAfter the historic bull run across the commodity market it seems we have finally seen a long awaited pullback. My medium/ long term projection is still favouring more bullish price action although as it stands all pairs are range bound.
It seems as though Copper in particular has been scooped up by Chinese investors as well as being influenced by a boom in home builders, paving the way for more long positions. Of course the path will not be linear; I suggest buying dips for the long term and trading intraday positions (as seen above) over the short term.
Copper to climb from upside confirmation, potential bounce!Copper to climb from its upside confirmation at 3.03976 where it could potentially bounce further to 3.08186.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
!Copper (+10.35%) [Hold] for Sep 20'I'm remaining long from this signal given on the 6th of last month. Currently floating +10.35% from this position-- un-marginalized. The margin account used for this trade risked 2% for a +21.034%% current floating gain on this long. Stoploss has been and is remaining just above entry.
Copper - No trade at the momentThis commodity has been my nemesis. I desperate want to trade it, but still figuring it out.
Currently just sitting back and seeing the way price action moves on this one.
Please feel free to give me some direction on this metal.
Disclaimer: I am still new to trading and testing my strategies. Not all trades Ideas I post will result in live trades. They might be tested on demos accounts.
Please share your Ideas with me and I am always open to positive criticism.
Remember to use risk according to your appetite.
Thanks for Checking out this Idea.
Copper bounced from support, potential for a further rise Copper bounced off 2.94831 where it could potentially rise further to 2.98328. A break above our upside confirmation level would provide the bullish acceleration to our first resistance target.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks
Copper to climb from upside confirmation, potential bounce!Copper to climb from its upside confirmation at 2.94902 where it could potentially bounce further to 2.98162.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully
understand the risks.