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COPPER TECHS: (Z4) Retracement Extends

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: $458.10/479.00 - High Oct 8 / High Sep 30 and the bull trigger  
  • PRICE: $435.45 @ 14:22 BST Oct 15
  • SUP 1: $433.15 - Intraday low   
  • SUP 2: $415.93 - 76.4% retracement of the Aug 7 - Sep 30 bull cycle  
  • SUP 3: $404.20/396.45 - Low Sep 5 / Low Aug 7 and the bear trigger
  • SUP 4: $387.40 - Low Mar 1  

Copper futures remain in a short-term retracement mode with price trading below the Sep 30 high. The contract has also traded lower today and through $436.93, the 50-day EMA. A clear breach of this average would signal scope for a deeper retracement and open $415.93, a Fibonacci retracement point. It is possible that the latest pullback is a correction. A reversal would refocus attention on key resistance at $479.00, the Sep 30 high.

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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: $458.10/479.00 - High Oct 8 / High Sep 30 and the bull trigger  
  • PRICE: $435.45 @ 14:22 BST Oct 15
  • SUP 1: $433.15 - Intraday low   
  • SUP 2: $415.93 - 76.4% retracement of the Aug 7 - Sep 30 bull cycle  
  • SUP 3: $404.20/396.45 - Low Sep 5 / Low Aug 7 and the bear trigger
  • SUP 4: $387.40 - Low Mar 1  

Copper futures remain in a short-term retracement mode with price trading below the Sep 30 high. The contract has also traded lower today and through $436.93, the 50-day EMA. A clear breach of this average would signal scope for a deeper retracement and open $415.93, a Fibonacci retracement point. It is possible that the latest pullback is a correction. A reversal would refocus attention on key resistance at $479.00, the Sep 30 high.