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COPPER TECHS: (Z4) Corrective Cycle

COPPER TECHS
Metals Technical AnalysisCommodities TechBulletCommodities
  • RES 4: $464.60 - 61.8% retracement of the May 20 - Aug 7 bear leg 
  • RES 3: $4664.60 - High Jul 5 and a key resistance
  • RES 2: $453.83 - 50.0% retracement of the May 20 - Aug 7 bear leg
  • RES 1: $440.28 - 38.2% retracement of the May 20 - Aug 7 bear leg     
  • PRICE: $434.40 @ 14:08 BST Sep 23
  • SUP 1: $404.20/396.45 - Low Sep 5 / Low Aug 7 and the bear trigger 
  • SUP 2: $387.40 - Low Mar 1
  • SUP 3: $374.65 - Low Feb 9 and key support 
  • SUP 4: $370.42 - 1.236 proj of the May 20 - Jun 27 - Jul 5 price swing    

A medium-term bear cycle in Copper futures remains intact, however, for now a bullish corrective cycle is still in play and the contract traded higher last week, extending the latest recovery. Resistance at $431.85, the Aug 27 high, has been cleared and this signals scope for a stronger short-term bull cycle. Sights are on $440.28 next, a Fibonacci retracement. Initial firm support to watch lies at $404.20, the Sep 5 low.

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  • RES 4: $464.60 - 61.8% retracement of the May 20 - Aug 7 bear leg 
  • RES 3: $4664.60 - High Jul 5 and a key resistance
  • RES 2: $453.83 - 50.0% retracement of the May 20 - Aug 7 bear leg
  • RES 1: $440.28 - 38.2% retracement of the May 20 - Aug 7 bear leg     
  • PRICE: $434.40 @ 14:08 BST Sep 23
  • SUP 1: $404.20/396.45 - Low Sep 5 / Low Aug 7 and the bear trigger 
  • SUP 2: $387.40 - Low Mar 1
  • SUP 3: $374.65 - Low Feb 9 and key support 
  • SUP 4: $370.42 - 1.236 proj of the May 20 - Jun 27 - Jul 5 price swing    

A medium-term bear cycle in Copper futures remains intact, however, for now a bullish corrective cycle is still in play and the contract traded higher last week, extending the latest recovery. Resistance at $431.85, the Aug 27 high, has been cleared and this signals scope for a stronger short-term bull cycle. Sights are on $440.28 next, a Fibonacci retracement. Initial firm support to watch lies at $404.20, the Sep 5 low.