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In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the COPPER for AUG 30 2024.
Key Takeaways
Monetary policy: The sharp decline in risk assets in the previous period, the cooling of the US job market, and the further decline in inflation all support the shift in the Fed’s monetary policy. At the current time when the Fed is about to cut interest rates, the sentiment is relatively positive about copper prices.
Copper supply and demand: Global copper mine supply expectations have been lowered, and the mine side shows marginal easing of supply and demand in the short term, and there is still a tightening expectation in the medium term. The manufacturing PMI of major economies reflects that copper demand expectations are weak, but the pressure of overseas inventory accumulation tends to decline, and the pressure of inventory on copper prices is expected to ease. Overall, it is expected that copper prices will continue to fluctuate and rise.
Technical Analysis
Daily Chart Insights
(Copper Daily Price Chart, Source: Ultima Markets MT4)
(Copper Daily Price Chart, Source: Ultima Markets MT4)
Stochastic oscillator: The indicator sends a short signal in the overbought area, suggesting that the previous rebound and rise trend will be curbed, and there is a probability of adjustment and decline in the short term. However, it is worth noting that the copper price has not fallen below the key price, so the indicator still has the probability of sending a long signal again.
Key support: At present, the copper price moving average is in a horizontally flat state, suggesting that the current long and short positions are in a game stage. Investors need to pay attention to whether the key price is effectively broken. Copper prices are blocked by the long-short conversion price and the downward trend line. If they are blocked from breaking through the previous high, which is also the resistance price of the black 65-day moving average, the probability of copper prices rising rapidly is high.
H1 Chart Insights
(Copper H1 Price Chart, Source: Ultima Markets MT4)
(Copper H1 Price Chart, Source: Ultima Markets MT4)
Stochastic Oscillator: The indicator is entangled and oscillating above the 50 median line, suggesting that the intraday long-short trend is extremely unclear. Based on the short signal issued by the daily cycle, it is worth paying attention to whether the indicator will issue a short signal above the 50 median line.
Resistance price: Based on the expectation that copper prices are currently in adjustment, the resistance strength of the upper short-term moving average group (red 33 period and black 65 period) is particularly important. Investors need to pay attention to whether copper prices will show bearish price action when touching the moving average.
Pivot Indicator
(Copper 30 Minutes Price Chart, Source: Ultima Markets APP)
(Copper 30 Minutes Price Chart, Source: Ultima Markets APP)
According to the trading central in Ultima Markets APP, the central price of the day is established at 4.2330,
Bullish Scenario: Bullish sentiment prevails above 4.2330, first target 4.2625, second target 4.2805;
Bearish Outlook: In a bearish scenario below 4.2330, first target 4.1730, second target 4.1555.
Conclusion
To navigate the complex world of trading successfully, it’s imperative to stay informed and make data-driven decisions. Ultima Markets remains dedicated to providing you with valuable insights to empower your financial journey.
For personalized guidance tailored to your specific financial situation, please do not hesitate to contact Ultima Markets.
Join Ultima Markets today and access a comprehensive trading ecosystem equipped with the tools and knowledge needed to thrive in the financial markets.
Stay tuned for more updates and analyses from our team of experts at Ultima Markets.
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