Free Trial

(H2) Approaching A Key Support

COPPER TECHS
  • RES 4: $500.00 - Psychological round number
  • RES 3: $487.35 - 1.764 proj of Aug 19 - Sep 13 - Sep 21 price swing
  • RES 2: $477.70/83.40 - High Oct 18 / High May 10 and the bull trigger
  • RES 1: $451.15/64.08 - High Nov 26 / 61.8% of Oct - Nov sell-off
  • PRICE: $425.15 @ 13:44 GMT Dec 2
  • SUP 1: $420.00 - Low Nov 17
  • SUP 2: $409.90 - Low Oct 6
  • SUP 3: $404.00/401.30 - Low Sep 30 / Low Sep 21
  • SUP 4: $397.05 - Low Aug 19

Copper futures traded lower yesterday. This marks an extension of the pullback from the Nov 26 high just above 450.00. The move lower defines an important short-term resistance at $451.15, the Nov 26 high. Attention is on support at $420.00, the Nov 17 low. A break of this level would signal scope for a deeper sell-off. Clearance of $451.15 is required to reinstate a bullish theme and open $464.08, a retracement level.

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.