Copper Commodity Forecast

Stronger technical forecast for Copper commodity price after Friday trading.
(Updated on May 17, 2024)

HGUSD Signals & Forecast

Mostly positive signals in the chart today. The Copper commodity holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $4.83 and $4.51. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, May 02, 2024, and so far it has risen 12.86%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Copper has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. The commodity had a Golden Star Signal on Thursday, September 14, 2023 in the long-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the commodity in question.

Support, Risk & Stop-loss for Copper commodity

On the downside, the commodity finds support just below today's level from accumulated volume at $4.66 and $4.06. There is a natural risk involved when a commodity is testing a support level, since if this is broken, the commodity then may fall to the next support level. In this case, Copper finds support just below today's level at $4.66. If this is broken, then the next support from accumulated volume will be at $4.06 and $3.88.

This commodity has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the commodity moved $0.234 between high and low, or 4.83%. For the last week, the commodity has had daily average volatility of 1.59%.

Our recommended stop-loss: $4.90 (-3.62%) (This commodity has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 11 days ago.)

Trading Expectations (HGUSD) For The Upcoming Trading Day Of Monday 20th

For the upcoming trading day on Monday, 20th we expect Copper to open at $5.00, and during the day (based on 14 day Average True Range), to move between $5.01 and $5.16, which gives a possible trading interval of +/-$0.0766 (+/-1.51%) up or down from last closing price. If Copper takes out the full calculated possible swing range there will be an estimated 3.01% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ $4.66, some $0.427 (8.40%) from the current price of $5.08, our system finds the risk reward attractive.

Is Copper commodity A Buy?

Several short-term signals are positive and the commodity has broke the rising trend up, which indicates an even stronger rate of rising. We conclude that the current level may hold a buying opportunity as there is a fair chance for Copper commodity to perform well in the short-term period. We have upgraded our analysis conclusion for this commodity since the last evaluation from a Buy to a Strong Buy candidate.

Current score: 6.250 Strong Buy Candidate Upgraded

Predicted Opening Price for Copper of Monday, May 20, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.