Free Trial

COPPER TECHS: (Z4) Trend Needle Points South

COPPER TECHS
  • 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: $430.38  - 50-day EMA    
  • PRICE: $415.00 @ 15:09 BST Aug 16
  • SUP 1: $396.45 - Low Aug 7 
  • 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 recent extension down reinforces current conditions. Price traded to a fresh cycle low last week. The contract has breached $406.88, 76.4% of the Feb 9 - May 20 bull cycle. The clear break of this price point sets the scene for weakness towards $374.65, the Feb 9 low. Initial firm resistance is $430.38 the 50-day EMA. Key resistance has been defined at $464.60, the Jul 5 high.           

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.