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Copper ~ Help Me Obi-China, You're My Only Hope (2H)
CFDs on Copper
Copper ~ Help Me Obi-China, You're My Only Hope (2H)
By BlueHatInvestor
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Updated
Dec 14, 2023
0
Dec 11, 2023
COPPER
chart mapping/analysis.
Copper - off its October lows, yet still contending with global macro headwinds & China's difficulty in shaking off its deflationary economic funk..
Trading scenarios into EOY:
Prelim trading range = ~3.93 - ~3.73.
Under bearish pressure from 38.2% Fib rejections.
Bullish reaction to China/macro economic news = bounce off lower range of parallel channel (green) + 200SMA confluence support / break above 38.2% Fib / break above ~3.93 upper trading range.
Bullish extension target(s) = 50% Fib / upper range of parallel channel (green) confluence zone.
Bearish reaction to China/macro economic news = break below ~3.73 lower trading range / lower range of parallel channel (green) / break underneath 200SMA, becoming dynamic resistance.
Bearish extension target(s) = 23.6% Fib / lower range of descending parallel channel (light blue).
Dec 14, 2023
Comment
Copper chart update (Thurs 14/12):
Price action in ascending flat top consolidation, TBC.
Bullish play = break above 38.2% Fib / ~3.93 re-test (yellow horizontal line, dashed).
Bearish play = break below lower range of ascending parallel channel (green) / ~3.73 re-test (yellow horizontal line, dashed).
CFD
chartanalysis
Commodities
Copper
copperanalysis
COPX
CPER
Fibonacci
Copper Futures HG1!
Support and Resistance
Technical Analysis
Trend Analysis
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