The Wiseguy Report : December Copper HGZ2023
HGZ2023 --
HGZ2023
NEAR TERM : NEUTRAL
VOLUME STRUCTURE
So far, for the month of September, 70% of the December Copper volume has occurred between 3.8400 & 3.7100, with the highest volume occurring near 3.7900.
PRICE ACTION
December Copper has rejected all its previous interest inside the Value Zone & is seeking price balance somewhere near 3.6000 support. While this may appear Bearish at first, which it is, I am taking caution & anticipating an upside correction from this over-sold condition before becoming truly Bearish.
FUNDAMENTAL FACTORS
- Weak USA Housing Market.
---High USA Mortgage Rates
---Low demand for New & Existing Homes
- China's declining demand due to weak economy
HGZ2023 --
HGZ2023 NEAR TERM : NEUTRAL
VOLUME STRUCTURE
So far, for the month of September, 70% of the December Copper volume has occurred between 3.8400 & 3.7100, with the highest volume occurring near 3.7900.
PRICE ACTION
December Copper has rejected all its previous interest inside the Value Zone & is seeking price balance somewhere near 3.6000 support. While this may appear Bearish at first, which it is, I am taking caution & anticipating an upside correction from this over-sold condition before becoming truly Bearish.
FUNDAMENTAL FACTORS
- Weak USA Housing Market.
---High USA Mortgage Rates
---Low demand for New & Existing Homes
- China's declining demand due to weak economy
Exención de responsabilidad
La información y las publicaciones que ofrecemos, no implican ni constituyen un asesoramiento financiero, ni de inversión, trading o cualquier otro tipo de consejo o recomendación emitida o respaldada por TradingView. Puede obtener información adicional en las Condiciones de uso.
Exención de responsabilidad
La información y las publicaciones que ofrecemos, no implican ni constituyen un asesoramiento financiero, ni de inversión, trading o cualquier otro tipo de consejo o recomendación emitida o respaldada por TradingView. Puede obtener información adicional en las Condiciones de uso.