In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the Copper for 13th February 2024. 

Key Takeaways 

• U.S. economy remains strong: The US ISM services index rose to four-month high of 53.4 in January, faring better as compared to the forecast of 52. New orders and price indexes hit their highest levels in nearly a year. Strong economic data has all but eliminated the possibility of a rate cut in March, while the chances of a rate cut in May have also diminished, with market risk appetite diminished. 
• Copper prices in 2024: With monetary policies remain accommodative worldwide and be oriented towards promoting the economy. As an indispensable commodity for economic construction, the demand for copper remains resilient, which will eventually support further upside in its price. 

Technical Analysis 

Daily Chart Insights 

• Stochastic Oscillator: The indicator sends bullish signal in the oversold area, suggesting that the previous downward trend may be contained for the short term. Pay attention to possible upside opportunity following a rebound. 
• Price Action: Yesterday’s closing price exceeded last Friday’s opening price while the combination formed a bullish engulfing pattern, suggesting that the short-term bulls’ counterattack is strong. However, its upside bias depends on its closure above the upward trendline ahead. 

1-hour Chart Analysis 

• Stochastic Oscillator: The indicator continues to oscillate in the overbought area, implying that the current upside bias may continue. We may need to wait for the indicator to leave the overbought area before focusing on any trading opportunities. 
• Upward channel line: The pair formed a double bottom pattern and then broke through the green neckline. The subsequent rapid rise and breakthrough of the upward channel line indicates that there is a high possibility for further upside in accordance with Elliot Wave theory.  

Pivot Indicator 

• According to the trading central in Ultima Markets APP, the central price of the day is established at 3.6995, 
• Bullish Scenario: Bullish sentiment prevails above 3.6995, first target 3.7535, second target 3.7690; 
• Bearish Outlook: In a bearish scenario below 3.6995, first target 3.6730, second target 3.6575. 

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. 

For personalized guidance tailored to your specific financial situation, please do not hesitate to contact Ultima Markets. 

Join Ultima Markets today and access a comprehensive trading ecosystem equipped with the tools and knowledge needed to thrive in the financial markets. 

Stay tuned for more updates and analyses from our team of experts at Ultima Markets. 

—– 

Legal Documents 

Ultima Markets, a trading name of Ultima Markets Ltd, is authorized and regulated by the Financial Services Commission “FSC” of Mauritius as an Investment Dealer (Full-Service Dealer, excluding Underwriting) (license No. GB 23201593). The registered office address: 2nd Floor, The Catalyst, 40 Silicon Avenue, Ebene Cybercity, 72201, Mauritius. 

Copyright © 2024 Ultima Markets Ltd. All rights reserved. 

Disclaimer   

Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.  

Willy

Willly is a skilled and experienced market analyst who has been analyzing financial markets for over 5 years. He currently serves as a Market Analyst at Ultima Markets, a leading financial services company. Willy brings a wealth of expertise in fundamental and technical analysis, having previously worked as Head of Financial Market Analyst at GCMAsia. There, he oversaw the research department and developed educational materials to build clients' financial knowledge. He also collaborated cross-functionally to amplify sales and achieve business goals. Prior to that role, Willy gained valuable experience as a Financial Market Analyst at the same company. He generated daily and weekly reports, conducted market briefings, and provided trading strategies through webinars. Read his latest market analyses on the Ultima Markets News & Analysis.

See Full Bio