Free Trial

(H3) Bullish Theme Intact

COPPER TECHS
  • RES 4: $419.17 - 1.50 proj of Jul 15 - Aug 26 - Sep 28 price swing
  • RES 3: $411.66 - 1.382 proj of Jul 15 - Aug 26 - Sep 28 price swing
  • RES 2: $407.00 - Low May 12
  • RES 1: $394.70 - High Nov 15 and the bull trigger
  • PRICE: $378.35 @ 13:27 GMT Dec 20
  • SUP 1: $368.37/354.70 - 50-day EMA / Low Nov 28
  • SUP 2: $334.80 - Low Oct 31
  • SUP 3: $323.70 - Low Sep 28
  • SUP 4: $314.25 - Low Jul 15 and a key support

Copper futures traded lower last week. The outlook is bullish despite the recent pullback. A resumption of strength would pave the way for a climb towards $394.70. This is the Nov 15 high and bull trigger. A break would strengthen bullish conditions and resume the broader uptrend. On the downside, key support lies at $354.70, the Nov 28 low. Clearance of this level is required to highlight a bearish threat.

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.