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COPPER TECHS: (Z4) Pullback Considered Corrective

COPPER TECHS
Metals Technical AnalysisCommodities TechBulletCommodities
  • RES 4: $511.20 - High May 20 and a key resistance. 
  • RES 3: $488.95 - High May 29 
  • RES 2: $484.12 - 76.4% retracement of the May 20 - Aug 7 bear leg 
  • RES 1: $479.00 - High Sep 30 
  • PRICE: $460.10 @ 14:04 BST Oct 1
  • SUP 1: $430.33 - 50-day EMA  
  • SUP 2: $404.20/396.45 - Low Sep 5 / Low Aug 7 and the bear trigger
  • SUP 3: $387.40 - Low Mar 1
  • SUP 4: $374.65 - Low Feb 9 and key support   

Copper futures traded in a volatile manner yesterday and have reversed sharply from Monday’s intraday high. For now, the move down is considered corrective and a deeper retracement would allow an oversold trend condition to unwind. Key support is seen at $430.33, the 50-day EMA. Key near-term resistance is seen at $479.00, Monday’s intraday high. A break of this level would mark a resumption of the uptrend.

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  • RES 4: $511.20 - High May 20 and a key resistance. 
  • RES 3: $488.95 - High May 29 
  • RES 2: $484.12 - 76.4% retracement of the May 20 - Aug 7 bear leg 
  • RES 1: $479.00 - High Sep 30 
  • PRICE: $460.10 @ 14:04 BST Oct 1
  • SUP 1: $430.33 - 50-day EMA  
  • SUP 2: $404.20/396.45 - Low Sep 5 / Low Aug 7 and the bear trigger
  • SUP 3: $387.40 - Low Mar 1
  • SUP 4: $374.65 - Low Feb 9 and key support   

Copper futures traded in a volatile manner yesterday and have reversed sharply from Monday’s intraday high. For now, the move down is considered corrective and a deeper retracement would allow an oversold trend condition to unwind. Key support is seen at $430.33, the 50-day EMA. Key near-term resistance is seen at $479.00, Monday’s intraday high. A break of this level would mark a resumption of the uptrend.