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Copper (HG) Analysis with the Market Profile


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Copper (HG) Analysis with the Market Profile

The following article provides an analysis of the copper futures market based on the recent price developments. The analysis considers tools such as the volume profile and market profile.

Analysis

End of March the copper market made a significant short push representing substantial uncertainty in the market. The market stabilised and built a range (1) which was left on the downside but got immediately recovered (2) illustrating buyer strength. The coming weeks, the market performed a breakout above that range but tested it again, however, was rejected (3) and confirmed the buyers strength.

During the previous week, the market created a strong range (4) which was left on the short side. Having a generally short context buyers gained strength beginning of the week and pushed the market through the entire range (5) forcing sellers to close their positions which resulted in a strong long trend. The market finished this week close to the week's high.

Copper Futures Market Analysis by UC Trading

The coming week, the range around 2.33 USD - 3.36 USD (4) illustrates a support area. Prices can bounce back here at latest following the previous week's long trend with a target at the VPOC at 2.498 USD (6). Should the price, however, fall below that range lower prices can be expected with a target at the old range top at around 2.24 USD (7).

The analysis has been implemented with the Sierra Chart study collection utilising the weekly market profile in combination with the volume profile.



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About the author


Alexander Kiel has occupied various positions in the area of private banking covering wealth management, portfolio management and management support. Subsequently, he founded the equity investment project Universal Capital and became active as an independent futures trader.

 

He has extended his trading activities with UC Trading in a coaching course providing professional insights into order flow trading.

 

Alexander can be reached via support@uctrading.coach.

 

 

Contributing author since 5/4/2020

 

 

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