In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the COPPER for 20th February 2024. 

Key Takeaways 

• Tight copper supply: As a world-famous large-scale mining company, BHP Billiton stated that it is currently expecting a shortage of refined copper while the supply of copper concentrate will remain tight in 2024. 
• Rising demand: Although US inflation hit the largest increase in four months in January, the rebound in global PMI points to improved consumption, and the reduction of low inventories has stimulated an increase in industrial metal prices.  

Technical Analysis 

Daily Chart Insights 

• Stochastic Oscillator: Copper initiated a breakout last week, with the indicator illustrating a bullish signal near the oversold region. This signifies the possibility of a substantial rebound in the near term.  
• Moving Average: The 33-day moving average (blue) and 65-day moving average (black) formed a strong support level, providing a substantial lift for copper price if upside bias were to fail. 

1-hour Chart Analysis 

• Upward channel line: Copper price entered an upside bias since last week. However, recent re-entering into the previously ascending channel has cast doubts over its potential, with a slight possibility of bearish pressure to take over.  
• Elliot Wave Theory: Based on wave structure from previous rebound, copper price is entering wave 4 of retracement. If a close below 38.2% fibonacci is confirmed, it may re-gear towards the downside bias while a touch below previous low of wave 1 may offset any upside bias completely.  

Pivot Indicator 

• According to the trading central in Ultima Markets APP, the central price of the day is established at 3.8410, 
• Bullish Scenario: Bullish sentiment prevails above 3.8410, first target 3.8685, second target 3.8845; 
• Bearish Outlook: In a bearish scenario below 3.8410, first target 3.7825, second target 3.7665. 

Conclusion 

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