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(H3) Trend Condition Remains Bullish

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
  • PRICE: $379.55 @ 13:02 GMT Nov 16
  • SUP 1: $354.50 - 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. Last week’s move higher resulted in the break of $377.90, Aug 26 high. The breach paves the way for a climb towards $407.00 next, May 12 low. Note that moving average studies are beginning to highlight a bullish set-up and this reinforces the current positive condition. Initial support lies at 354.50, the 50-day EMA. Short-term retracements would be considered corrective.

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