Free Trial

(H3) Support Seen At The 50-Day EMA

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: $368.10 @ 13:03 GMT Nov 18
  • SUP 1: $355.94 - 50-day EMA
  • 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 maintain a bullish tone following recent gains and this week’s pullback is considered corrective - for now. The recent break of $377.90, Aug 26 high, paves the way for a climb towards $407.00 next, May 12 low. Note that moving average studies highlight a bullish set-up and this reinforces the current positive condition. Initial firm support lies at 355.94, the 50-day EMA. A break would be bearish.

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.