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In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the COPPER for DEC 27, 2024.
Fundamental Analysis
COPPER Key Takeaways
S/D of copper: From the perspective of supply and demand, the shortage of mines in 2025 will provide strong support for copper prices, while the surplus of refined products may play a role in the fluctuation of copper prices. The overall copper price may show a trend of shock-high-fall.
Strong dollar suppress copper prices: The reduction in the number of interest rate cuts by the Federal Reserve in 2025 supports the US dollar to remain in an appreciation trend. The strong US dollar suppresses copper prices, which makes it impossible for commodities priced in US dollars to show a clear trend of rising.
Technical Analysis
COPPER Daily Chart Insights
(COPPER Daily Price Chart, Source: Ultima Markets MT4)
(COPPER Daily Price Chart, Source: Ultima Markets MT4)
Stochastic oscillator: The fast line enters the oversold area, and the slow line does not enter the oversold area. A long signal was issued yesterday. It suggests that short-term short liquidity is poor, and the current rise is likely to be a rebound.
Resistance line: Copper prices rose yesterday and broke through the high point of the short-term shock range, while approaching the purple 13-day moving average. This moving average may prevent copper prices from further rising. If it continues to rebound upward, the upper side will look to around 4.1251.
COPPER 1-hour Chart Analysis
(COPPER H1 Price Chart, Source: Ultima Markets MT4)
(COPPER H1 Price Chart, Source: Ultima Markets MT4)
Stochastic oscillator:The indicator sends a short signal below the overbought area, and the fast line is approaching the 50 median line. The downward trend of copper prices may slow down during the Asian session. Be alert to the indicator sending a long signal again, and a top divergence signal may appear at that time.
Fibonacci extension level: Copper prices are currently blocked by the support of the moving average group, and the oscillation is in a sideways range. If copper prices break through this oscillation range, we must also be alert to the possibility of a false breakthrough. The key resistance level above looks at the Fibonacci 1.382 times extension level.
COPPER Pivot Indicator
(COPPER M30 Price Chart, Source: Ultima Markets APP)
(COPPER M30 Price Chart, Source: Ultima Markets APP)
According to the trading central in Ultima Markets APP, the central price of the day is established at 4.1590,
Bullish Scenario: Bullish sentiment prevails above 4.1590, first target 4.1885, second target 4.2055;
Bearish Outlook: In a bearish scenario below 4.1590, first target 4.0935, second target 4.0765.
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.
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Stay tuned for more updates and analyses from our team of experts at Ultima Markets.
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