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COPPER Technical Analysis - COPPER Trading: 2022-10-28
Copper Technical Analysis Summary
Above 3,55
Buy Stop
Below 3,2
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Neutral |
| MA(200) | Neutral |
| Fractals | Buy |
| Parabolic SAR | Buy |
| Bollinger Bands | Neutral |
Copper Chart Analysis
Copper Technical Analysis
On the daily timeframe, COPPER: D1 climbed above the resistance line of the descending channel. A number of technical analysis indicators formed signals for further growth. We do exclude a bullish movement if COPPER: D1 rises above its last maximum of 3.55. This level can be used as an entry point. The initial risk limitation level is possible below the Parabolic signal, the last 4 lower fractals and the lower Bollinger band: 3.2. After opening a pending order, we move the stop following the Bollinger and Parabolic signals to the next fractal low. Thus, we change the potential profit/loss ratio in our favor. The most cautious traders can switch to a four-hour chart and set a stop loss after making a trade, moving it in the direction of price. If the price overcomes the stop level (3.2) without activating the order (3.55), it is recommended to delete the order: there are internal changes in the market that were not taken into account.
Fundamental Analysis of Commodities - Copper
China has increased copper import. Will COPPERquotes increase?
In September 2022 China increased copper import by 25.6% compared to September 2021. For the entire 3rd quarter copper import also grew by about a quarter year-over-year. We remind that in August of this year, China State Grid announced its plans to purchase copper for electrical wires in the amount of $22 billion by the end of the year 2022. China consumes 52% of all copper in the world. An important factor which increases the demand for copper could be an increase in the production of electric vehicles. According to the Copper Development Association, Conventional cars use between 18 and 49 pounds of copper, Hybrid electric vehicles (HEV) use as much as 85 pounds, and Battery electric vehicles (BEV) use 183 pounds. According to the International Energy Agency, the share of electric vehicles in the world reached 9% in 2021. In 2022, it could increase up to 13%.
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