- Price Movement
Current Price: The current price is around $4.3430 per pound.
Recent Trend: There was a significant upward movement earlier in the year, reaching a peak around $5.0810, followed by a correction. - Support and Resistance:
Support Level: Approximately at $4.1445, marked by the 0.618 Fibonacci retracement level.
Resistance Level: Around $4.5000, near the recent highs. - Volume Analysis
Volume: The volume appears to be relatively stable, with occasional spikes during significant price moves, indicating strong trading interest during these periods. - Seasonal Patterns
Monthly Performance:
Historically, months like February, March, and April show varied performance with some years experiencing gains while others see losses.
September and October have mixed results, but November generally shows positive performance. - Yearly Trends: Over the years, there have been fluctuations in monthly performance, with some consistent patterns in specific months.
- Technical Indicators
Fibonacci Retracement: The chart uses Fibonacci levels to identify potential support and resistance levels. The 0.618 level is crucial as it often acts as a strong support during corrections.
Conclusion
Copper Futures have shown volatility with significant price movements and corrections. Traders should watch for support at $4.1445 and resistance at $4.5000 while considering historical seasonal trends for potential insights into future movements.
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