March N.Y. copper closed down 565 points at 352.10 cents today. Prices closed nearer the session low again today and saw more profit taking after hitting a 7.5-year high last Friday. The copper bulls still have the solid overall near-term technical advantage. Copper bulls’ next upside price objective is pushing and closing prices above solid technical resistance at 370.00 cents.
The next downside price objective for the bears is closing prices below solid technical support at 340.00 cents. First resistance is seen at today’s high of 359.25 cents and then at the December high of 364.55 cents. First support is seen at today’s low of 350.50 cents and then at 345.00 cents.
Overall, the bias in prices is: Sideways.
The projected upper bound is: 1,925.50.
The projected lower bound is: 1,801.25.
The projected closing price is: 1,863.37.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 27 white candles and 23 black candles for a net of 4 white candles.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 38.4592. This is not an overbought or oversold reading. The last signal was a sell 2 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 51.97. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 16 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 32. This is not a topping or bottoming area. The last signal was a sell 1 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 13 period(s) ago.
Rex Takasugi – TD Profile
PREC.M.XAU= closed up 4.550 at 1,864.110. Volume was 8,900% above average (trending) and Bollinger Bands were 4% wider than normal.
Open High Low Close Volume 1,859.610 1,867.350 1,858.500 1,864.110 10,662
Technical Outlook Short Term: Neutral Intermediate Term: Bullish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 1,858.55 1,868.71 1,820.39 Volatility: 14 21 23 Volume: 1,066 213 53
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
PREC.M.XAU= is currently 2.4% above its 200-period moving average and is in an upward trend. Volatility is low as compared to the average volatility over the last 10 periods.
Our volume indicators reflect very strong flows of volume out of XAU= (bearish). Our trend forecasting oscillators are currently bullish on XAU= and have had this outlook for the last 5 periods.