top of page

Copper with a strong buy signal. The copper price may now rise from today's USD 870.00 to USD 1,200. Today, StockCharts365.com has taken a closer look at the raw material Copper (Cu).


[09 July 2024]


Copper with a strong buy signal. May now rise to USD 1,200.


Today, StockCharts365.com has taken a closer look at the raw material Copper, and what the technical picture now indicates about the further development going forward in the short and medium term.


Read more about this below in the case here under today's technical analysis of Copper.


 

First a little bit about Copper (source: Wikipedia)


Copper is a chemical element; it has symbol 'Cu' (from Latin cuprum) and atomic number 29. It is a soft, malleable, and ductile metal with very high thermal and electrical conductivity.


A freshly exposed surface of pure copper has a pinkish-orange color. Copper is used as a conductor of heat and electricity, as a building material, and as a constituent of various metal alloys, such as sterling silver used in jewelry, cupronickel used to make marine hardware and coins, and constantan used in strain gauges and thermocouples for temperature measurement.


Copper is one of the few metals that can occur in nature in a directly usable metallic form (native metals). This led to very early human use in several regions, from c. 8000 BC.


Thousands of years later, it was the first metal to be smelted from sulfide ores, c. 5000 BC; the first metal to be cast into a shape in a mold, c. 4000 BC; and the first metal to be purposely alloyed with another metal, tin, to create bronze, c. 3500 BC.


 

Technical Analysis of Copper:


Technical Analysis of Copper:


The copper price is in a long-term rising trend, from back in 2016 (cf. chart), and a further rise is signaled in both the short and medium term for copper.


A strong technical buy signal has also recently been triggered for Copper, and after breaking up from a large right-angled ascending triangle consolidation formation.


The potential indicated for Copper according to this large consolidation formation is indicated by the red dashed lines in the chart.


A potential for Copper is thus indicated at around USD 1,100 - 1,200 in the 6-9 month term.


Furthermore, there is now a significant technical support level for Copper around the USD 825.00 level (the previous resistance level that Copper recently broke above and then triggered a strong technical buy signal).


The overall technical picture for the Copper price is therefore very positive, and further indicates a significant rise for Copper, and then preferably to around USD 1,100 - 1,200 in 6-9 months' time.


There is now little technical resistance to a further rise for the Copper price within this long-term rising trend.


What could possibly change today's very positive technical picture for Copper would be if the price were to get an established break below USD 800.00, and there should now be significant technical support for Copper between USD 800.00 - 825.00.


 

NB! Remember to have read and understood the disclaimer.

Comments


Commenting has been turned off.
StockCharts365
bottom of page