MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: ECB Should Be Close To 2% In Next Quarters -Centeno

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

MNI: US NOV IMPORT PRICES +0.1%

MNI: CANADA Q3 INDUSTRIAL CAPACITY UTILIZATION RATE 79.3%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

(H3) Doji Candle Highlights A Short-Term Top

COPPER TECHS
  • RES 4: $457.65 - High Feb 2 2022
  • RES 3: $451.00 - 1.764 proj of Jul 15 - Aug 26 - Sep 28 price swing
  • RES 2: $440.00 - Round number resistance
  • RES 1: $435.50 - High Jan 18 and the bull trigger
  • PRICE: $422.65 @ 13:14 GMT Jan 25
  • SUP 1: $411.05/405.68 - Low Jan 17 / 20-day EMA
  • SUP 2: $370.85/354.70 - Low Jan 4 and key support / Low Nov 28
  • SUP 3: $334.80 - Low Oct 31
  • SUP 4: $323.70 - Low Sep 28

Copper futures are consolidating and the uptrend remains intact. However, price action on Jan 18 does suggest potential for a short-term pullback. The price pattern on Jan 18, is a doji shooting star candle - a reversal signal. The trend condition is overbought and a move lower near-term would represent a healthy correction, allowing an overbought condition to unwind. This would open 407.51, the 20-day EMA. Key S/T resistance is 435.50, the Jan 18 high.

Energy BulletsCommodities
Energy BulletsCommodities

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.