In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the COPPER for 14th March 2024.
Key Takeaways
- Precious metals pushed higher: Other commodities ushered in with appreciation last night, with silver, platinum, palladium and copper receiving high demand and strong gains. Such rice action was due to current supply and demand recovery and inventory logic worldwide.
- Cutbacks support copper prices: Chinese smelters, the world’s largest producer of refined metals is currently facing crisis, pushing copper price higher with appreciation of up to 3.4% after the company deliberate to cut its production in Beijing.
Technical Analysis
Daily Chart Insights
- Stochastic oscillator: TThe indicator formed bullish signal near the overbought threshold, suggesting an influx of bulls for short-term.
- Upward resistance: However, copper met with resistance near the upper threshold of the channel. Due to strong uptrend prior, the pair may enter short-term correction phase before extending its gains for long-term.
1-hour Chart Analysis
- Stochastic Oscillator: The indicator continues to oscillate near the overbought region, which suggests the possibility in its continuation for short-term.
- Fibonacci retracement level: For mid-term wise, if copper were to rebound at 23.6%Fibonaccii level, its price may extend its uptrend further thereafter.
Pivot Indicator
- According to the trading central in Ultima Markets APP, the central price of the day is established at 4.0010,
- Bullish Scenario: Bullish sentiment prevails above 4.0010, first target 4.0630, second target 4.0765;
- Bearish Outlook: In a bearish scenario below 4.0010, first target 3.9835, second target 3.9665.
Conclusion
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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.
