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Copper Outlook: Rebounds On Weaker Dollar After US Election, Bear-Channel Resistance Line Marks Key Obstacle

Copper bounced from $2.7235 low posted after strong two-day losses, when metal price fell over 3%. Results of US midterm elections sent dollar lower across the board and boosted the metal price Fresh recovery emerged above daily cloud (cloud top lays at $2.7557), retracing nearly 50% of $2.8215/$2.7235 bear-leg and improving...

Copper: Metal Pulls Back on Profit-Taking/News after 6% Advance Last Week

Copper was sharply lower on Monday as traders took profit after strong rally on last Thu/Fri, when the metal price rose over 6% on optimism over easing trading tensions between the US and China. Release of China’s Oct services PMI, which showed sector’s slowest growth in over a year, added...

Copper Outlook: Bears Hit Six-Week Low on Negative Fundamentals

Copper fell to new six-week low at $2.6575 on Wednesday in extension of strong fall in past two days. The metal price was down nearly 3% on Mon/Tue's bearish acceleration, sparked by fresh fears of escalation of US/China trade war as China is the biggest consumer. Weaker than expected...

COPPER Outlook: Fresh Rally on Strong Fundamentals Struggles to Clear Falling 100SMA Barrier

Copper maintains firm tone and advances for the second day, hitting one-week high at $2.8325 on Monday. The metal price rallied on rising expectations of stronger demand from world’s top consumer China. Bounce from $2.7250 zone, where 55SMA contained multiple downside attempts, cracked important barrier at $2.8167 (falling 100SMA),...

Copper Outlook: Stronger Dollar After Fed Increases Pressure On Metal’s Price

Copper holds in red for the fourth straight day and hit one-week low at $2.7815 in extension of pullback from $2.8695/55 double-top, after bulls repeatedly failed to close above cracked Fibo barrier at $2.8425 (38.2% of $3.3140/$2.5510) and falling 100SMA capped the advance. The metal came under increased pressure...

Copper Outlook: Bulls Are Losing Traction On Renewed Concerns Over US/China Trade Conflict

Copper price eased to $2.7880 on Tuesday after double upside rejection at $2.8695/55, where bullish acceleration was capped by falling 100SMA. Copper was boosted by fading fears about an escalation of trade conflict between US and China but came under pressure on revived concerns about trade war, which could affect...

Copper Outlook: Bears Remain Fully In Play On US/China Trade Conflict Fears/ Stronger Dollar

Copper extends downtrend into fourth straight day, driven lower by fears of deepening trade conflict between the US and China, which could have strong negative impact on global demand and stronger dollar on renewed risk appetite. Today's extension lower ( the metal was down 1.5% for the day so far)...

Copper Outlook: Extended Recovery on Eased Tensions / Strong Demand, But Overall Picture Remains Bearish

Copper price hit new recovery high at $2.6810 on Monday, in extension of two-day rally from last week's low at $2.5510 (the lowest since June 2017. Easing trade tensions between the US and China, as well as signs of stronger demand, boosted metal's price. Bounce from $2.5510 low retraced...

Aussie Bounces Despite Headline Jobs Losses In July

Headline not as bad as first glance Despite the fact that Australia lost a net 3,900 jobs in July, the news was not all bad since the details show 19,300 full-time jobs were added with the loss of 23,200 part-time ones. This is a more positive development and adds on...

Copper Outlook: Trade Tensions Keep Metal’s Price Firmly in Red

Copper extends strong fall of the previous day to new two-week low at $2.7060 on Thursday, as fears of escalation of trade tensions between the US and China, metal’s biggest consumer, keep the price firmly in red. On the other side, news about a strike in the biggest copper mine...

Copper Outlook – Renewed Trade Concerns Increase Pressure On Metal’s Price

Copper started trading in August in red and was down 2.4% in early trading on Wednesday, pressured by renewed trade war fears. The metal extends broader weakness, as past two months ended in red with monthly losses of 4.85% (July) and 3.2% (June). Completion of failure swing pattern on daily chart...

Forex Analysis: Copper

Copper reversed from resistance zone Likely to fall further Copper today reversed down from the resistance area located between the pivotal resistance level 2.7940 (former strong support from the start of July) and the 50% Fibonacci correction of the previous downward impulse 3. The downward reversal from this resistance zone started the...

Forex Analysis: Copper

Copper broke support level 2.8000 Likely to fall further Copper continues to fall after the earlier breakout of the support level 2.8000, which reversed the previous sharp minor impulse wave 1 with the daily Hammer at the start of July. The breakout of the support level 2.8000 strengthened the bearish pressure on...

Copper Outlook: Violation Of Base At $2.94 Zone Could Trigger Further Extension Of Downtrend From 2018 High

Copper hit new over three-month low at $2.9535 on Thursday, in extension of steep fall from 2018 high at $3.3140 (posted on 07 Jun) which lasts almost three weeks. Bears so far show no signs of fatigue despite oversold conditions and pressure key supports at $2.94 zone (higher base consisting...

Copper Outlook: Bears Look For Test Of Key Supports At $2.9425/$2.9370

Copper holds firmly in red for the third straight week and broke below psychological $3.00 support on Monday’s extension of steep downtrend from $3.3140 peak (07 Jun). Pullback from $3.3140 has nearly fully retraced $2.9370/$3.3140 (Mar/Jun rally) and pressuring key supports at $2.9425 (05 Dec 2017) and $2.9370 (26 Mar)...

Elliott Wave View: Copper Next Extension Higher May Have Started

Copper ticker symbol: HG_F short-term Elliott wave view suggests that the pullback to 3.0101 on 5/30/2018 ended Intermediate wave (2). The internals of Intermediate wave (2) unfolded as Elliott wave double three structure where Minor wave W ended at 3.0195. Minor wave X ended at 3.1485 high and the...

Copper Rallies On Easing Concerns About US/China Trade War But Gains Were Limited So Far

Copper rose on Monday on easing concerns about US/China trade war, but recovery was so far limited by strengthening US dollar. Fresh rally today pared losses of last Friday when copper dipped to $3.0545 and briefly probed below daily cloud base but shows signs of stall on approach to...

Copper – Recovery Attempts Face Strong Headwinds From Daily Cloud Top Barrier

Copper extended recovery into second straight day on Thursday, but gains faced strong headwinds from significant barrier at $3.1033 (daily cloud top / Kijun-sen). Price pulled back on fresh strength of the US dollar and concerns about weaker demand from China - metal’s top world consumer. Signals from daily chart are...

COPPER Rallies Further On Lower Inventories And Signs Of Strong Demand

Copper rallies further on Friday and extends previous day's 1.6% rally which generated strong bullish signal on break and close above daily cloud (cloud top lies at $3.1033, reinforced by daily Kijun-sen). Today's fresh extension higher cracked pivotal barrier at $3.1245 (Fibo 61.8% of $3.1935/$3.0130 bear-leg), looking for further bullish...

Copper Accelerates Lower And Breaks Below Thick Daily Cloud

Copper price accelerated lower on Tuesday, holding in red for the third straight day and emerged below daily cloud, in which the price was stuck in few previous sessions. Fresh weakness extended to one-week low at $3.0330 and cracked strong support at 3.0350 (Fibo 61.8% of $2.9370/$3.1935 and opening way...

COPPER Extends Weakness On Thursday, Down Nearly 2% As Traders Took Profits On Fears Of Escalation Of Tensions In Syria

Copper was sharply lower on Thursday, extending pullback Wednesday’s one-month high at $3.1460, being down nearly 2% for the day so far. Investors fear from situation in Syria which could escalate and took profit from 2 ½ week rally from $2.9370 which stalled at strong barrier at $3.1434 (Fibo 61.8%...

Market Morning Briefing: Euro Again Saw A Low Near 1.225

STOCKS Most indices are likely to be on a recovery mode and could be trading higher in the next couple of sessions. Dow (24264.30, +0.96%) saw huge intra-day volatility yesterday. It first fell to a low of 23523.16, but recovered steadily to close higher for the day. This has been the...

Elliott Wave View: Copper Starts A New Leg Higher

Short Term Elliott Wave view in Copper suggests that the decline to 2.938 on 3.26.2018 ended Minor wave IV. The metal started a new leg higher from there in Minor wave V. Subdivision of Minor wave V is unfolding as an impulse Elliott Wave structure. An Impulse Elliott Wave...

Copper – The Third Long Legged Doji Signals Extended Directionless Mode, Overall Structure Remains Firmly Bearish

Copper holds in directionless mode for the third straight day after Monday's downside attempts were strongly rejected at $2.9370 (the lowest since late Sep 2017), but subsequent recovery actions were limited, resulting in double long-legged Dojis on Mon/Tue and Wednesday's trading holding so far in the same shape. Situation about...

Copper – Bears Extend And Look For Test Of Weekly Cloud Top

Copper remains firmly in red at the beginning of the week and slid to new multi-month low at $2.9370 (the lowest since late Sep 2017) on probes below key support at $2.9425 (05 Dec low). The metal holds in strong bearish mode which resulted in strong bearish close last week...

Technical Outlook: Copper Falls Strongly On Monday, Key Support At $3.0540 Is Under Strong Pressure

Copper price fell sharply on Monday, extending pullback from last week’s spike high at $3.1905, to nearly fully retrace $3.0540/$3.1905 recovery leg on dip to $3.0570 so far. The metal maintained bearish bias from last Wednesday’s upside rejection and came under increased pressure on rising concerns that tensions between US...