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COPPER TECHS: (Z4) Resistance Remains Intact 

COPPER TECHS
Metals Technical AnalysisCommodities TechBulletCommodities
  • RES 4: $511.20 - High May 20 and key medium-term resistance  
  • RES 3: $488.95 - High May 29 
  • RES 2: $464.60 - High Jul 5 and a key short-term resistance 
  • RES 1: $431.85/444.30 - High Aug 27 / High Jul 18     
  • PRICE: 423.85 @ 14:41 BST Sep 13
  • SUP 1: $396.45 - 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 bear cycle in Copper futures remains intact and the recovery phase that started Aug 7 appears to be a correction. The contract has traded higher this week but remains below resistance at $431.85, the Aug 27 high.  A clear break of this hurdle would undermine the bearish theme and open 444.30, the Jul 18 high. On the downside, a resumption of weakness would expose $396.45, the Aug 7 low and the bear trigger.

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  • RES 4: $511.20 - High May 20 and key medium-term resistance  
  • RES 3: $488.95 - High May 29 
  • RES 2: $464.60 - High Jul 5 and a key short-term resistance 
  • RES 1: $431.85/444.30 - High Aug 27 / High Jul 18     
  • PRICE: 423.85 @ 14:41 BST Sep 13
  • SUP 1: $396.45 - 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 bear cycle in Copper futures remains intact and the recovery phase that started Aug 7 appears to be a correction. The contract has traded higher this week but remains below resistance at $431.85, the Aug 27 high.  A clear break of this hurdle would undermine the bearish theme and open 444.30, the Jul 18 high. On the downside, a resumption of weakness would expose $396.45, the Aug 7 low and the bear trigger.