Focus on COPPER today – 14th Aug, 2024 

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the COPPER for Aug 14, 2024. 

Key Takeaways 

• Dr. Copper: As a commodity sensitive to economic cycles, copper has both financial attributes and commodity attributes. If the commodity attributes and financial attributes resonate in the same direction, the copper price will soar or plummet; if the divergence occurs, the copper price will return to the supply and demand of the commodity itself. 

• Copper prices: The bearish factors of copper prices are relatively complex. In addition to the changing expectations of the Fed’s interest rate cuts, the previous high copper prices also suppressed downstream consumption, and the backlog of off-season inventory caused the copper price to fall. 

Technical Analysis 

Daily Chart Insights 

• Stochastic Oscillator: The indicator left the oversold area for the second time, sending a bullish signal again, and forming a bottom divergence pattern with the market price. This suggests that there is a certain demand for a correction in the short-term copper price, and it may even form a reversal. 

• Key resistance: Copper prices are currently encountering multiple resistances-the red 33-day moving average and the dotted 200-day moving average, which is also the previous long-short conversion price of 4.2182. Strong resistance makes it difficult for copper prices to break through, but if it effectively stands above this resistance, a new bullish trend for copper prices will come. 

1-hour Chart Analysis 

• Stochastic oscillator: The indicator sends a short signal in the overbought area, and the short-term short force has the upper hand. Copper prices may fall or adjust. 

• Support price: The low point of copper prices in the rebound trend continues to rise, and after breaking through the moving average resistance, it falls back to the moving average without breaking below. There is a certain probability that copper prices will continue to break through the previous high. On the contrary, if the upward trend line and the fair value gap below are broken, copper prices may continue the daily short trend. 

Pivot Indicator 

• According to the trading central in Ultima Markets APP, the central price of the day is established at 4.0055, 

• Bullish Scenario: Bullish sentiment prevails above 4.0055, first target 4.0685, second target 4.0795; 

• Bearish Outlook: In a bearish scenario below 4.0055, first target 3.9885, second target 3.9715. 

Conclusion 

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Disclaimer   

Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.