Free Trial

COPPER TECHS: (Z3) Trend Needle Points South

COPPER TECHS
  • RES 4: $390.85 - High Sep 1
  • RES 3: $385.15 - High Sep 15
  • RES 2: $378.60 - High Sep 29
  • RES 1: $367.45 - High Oct 10 and key short-term resistance
  • PRICE: $360.15 @ 13:06 BST Oct 19
  • SUP 1: $353.15 - Low Oct 17
  • SUP 2: $350.00 - Round number support
  • SUP 3: $345.75 - 2.00 proj of the Sep 1 - 8 - 15 price swing
  • SUP 4: $337.95 - Low Nov 3 2022 (cont)

The trend condition in Copper futures remains down and the contract traded to a fresh cycle low on Tuesday. The move down also highlights a clear break of support at $358.60, the May 24 low. This confirms a resumption of the medium-term downtrend that started Jan 18 and paves the way for a test of the $350.00 handle. Key short-term resistance has been defined at $367.45, the Oct 10 high. A break would highlight the start of a corrective phase.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.