Focus on COPPER today – 28th December 2023

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the COPPER for 28th December 2023. 

Key Takeaways 

• Copper supply expectations is weak: With the Panamanian government ordering the closure of a large copper mine and Anglo American lowering its production forecast for next year, the market’s current expectations for a significant increase in copper supply next year have weakened.  
• Weak US dollar drives copper prices: As the market expects that the US will quickly cut interest rates and the market balance will tighten next year, this has caused commodities priced in US dollars to rise. Because these goods become cheaper for buyers in other currencies, this will increase demand for commodities in exporting countries. 

Technical Analysis 

Daily Chart Insights 

• Stochastic Oscillator: The indicator slowly entered the overbought area, and the market price finally broke through the previous high, but the indicator did not touch the previous overbought level. This implies that the market will usher in an explosive growth in the future, driving the indicators to rise rapidly. Otherwise, it will form a top divergence and then undergo a deep correction. 
• Price Action: The market price finally broke through the previous high yesterday. The key point is that the bar of the previous day was a pin bar. Usually breaking the high of such a pin bar indicates that the bulls have finally gained the upper hand, and there is a high probability of continuing upwards this week. 

1-hour Chart Analysis 

• Stochastic Oscillator: The indicator sends a short signal, suggesting that the market price may enter a correction during the Asian session. After waiting for the bull signal to be issued again, you can focus on long opportunities. 
• ATR combination indicator: Yesterday, the market broke through the high price since December 20, and the ATR combination indicator sent a signal suggesting that the current breakthrough is valid. Currently, we need to wait for a slight adjustment before looking for long opportunities. 

Trading Central Pivot Indicator 

• According to the trading central in Ultima Markets APP, the central price of the day is established at 3.9385, 
• Bullish Scenario: Bullish sentiment prevails above 3.9385, first target 3.9800, second target 3.9920; 
• Bearish Outlook: In a bearish scenario below 3.9385, first target 3.9180, second target 3.9065. 

Conclusion 

To navigate the complex world of trading successfully, it’s imperative to stay informed and make data-driven decisions. Ultima Markets remains dedicated to providing you with valuable insights to empower your financial journey. 

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