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COPPER TECHS

(N1) Still Heading North

By Les Castell
     Click below for today's MNI US Morning FI Technical Analysis Report -
http://tinyurl.com/h8pyhnq
US 5YR FUTURE TECHS: (U17) No Real Change, 118-117/118-105 Now Key To Direction
*RES 4: 118-310/320 Apr 17, May 18 highs
*RES 3: 118-247 Jun 14 high
*RES 2: 118-220/227 Aug 11, Aug 18 highs
*RES 1: 118-205 Aug 21, Aug 23 highs
*PRICE: 118-147 @0934GMT
*SUP 1: 118-105/117 Aug 17 low, 7 week rising support line
*SUP 2: 118-052/057 61.8% of 117-265/118-227, Aug 16 low
*SUP 3: 118-010/012 Aug 1 low, 76.4% Fibo of 117-265/118-227
*SUP 4: 117-265 Jul 25 low
*COMMENTARY* Another attempt to the topside last Friday, pulling up in the midst
of the next 118-220/118-247 resistance area. Still need to sustain a break
through here before the overall bias can switch to higher again and a renewed
challenge to the Apr/May highs at 118-310/118-320. In the meantime, look to
118-117/118-105 for support, loss of the latter would spoil the look of the
recent recovery and put the 118-057/118-052 region back under pressure.
     
US 10YR FUTURE TECHS: (U17) Still Entrenched Within The 5 Week Bull Channel
*RES 4: 127-290 1% volatility band
*RES 3: 127-075/080 5 week bull channel top, Jun 14 high  
*RES 2: 127-015 Aug 18 high
*RES 1: 126-305 Aug 23, Aug 24 highs
*PRICE: 126-220 @0940GMT
*SUP 1: 126-160 Aug 23 low
*SUP 2: 126-110 Aug 17 low
*SUP 3: 126-075 5 week bull channel base
*SUP 4: 125-320 Aug 16 low
*COMMENTARY* The 125-290/125-260 area remained unscathed, as the earlier 125-320
level provided support last week. The subsequent recovery has broken above the
previous 126-280/126-290 highs to reach 127-015. Will have to find the further
strength for a sustained break above here however, before the confidence in the
upside will be restored and the chance of a continued 127-075/127-080 rise.
Support from 126-160/126-110 now protects the 5 week channel base at 126-075.
     
US 30YR FUTURE TECHS: (U17)  Still Faces Decent Resistance Between 157-07/157-16
*RES 4: 157-27 38.2% Fibo of 177-11/145-26
*RES 3: 157-16 4 week bull channel top
*RES 2: 157-07/08 1% volatility band, Jun 26 high 
*RES 1: 156-19 Aug 23 high 
*PRICE: 156-01 @0947GMT
*SUP 1: 155-06/16 Aug 16 high, Aug 18, 22 & 23 lows
*SUP 2: 154-18/25 Aug 17 low, 4 week bull channel base
*SUP 3: 154-10 Initial rally high Aug 16, now support
*SUP 4: 153-24 Aug 15 low
*COMMENTARY* A 156-19 high so far this week but above here will continue to face
resistance from between the upper 1% volatility band at 157-07 and then the 4
week bull channel top at 157-16. A sustained break through here is needed,
before the longer term Fibo retrace at 157-27 comes into view. Support comes
from 155-16/155-06 but the 154-25/154-10 area is of more importance below.
     US EURODOLLAR TECHS: (Z17) 98.580-98.590 Resistance Again The Interest Here
*RES 4: 98.655 May 18 high
*RES 3: 98.630 Jun 14 high
*RES 2: 98.610 Jun 6 high
*RES 1: 98.580/590 Jul 14, Aug 23, Jun 16 highs
*PRICE: 98.560 @0950GMT
*SUP 1: 98.535/545 Hourly support
*SUP 2: 98.515 Initial recovery high Jul 6, now support
*SUP 3: 98.495 Jul 6 low, 50% of 98.335-98.655
*SUP 4: 98.470 Apr 23 low
*COMMENTARY* Finally saw some near term movement with the rally back above
98.560-98.565 resistance earlier in the  month. Now looking to see if this
bounce has the impetus to trouble the next 98.580-98.590 area. Through the
latter needed before we reach more important levels between 98.610-98.630. As a
result, nearest support has risen to 98.535-98.545, with the 98.515 level still
seen as key on the downside.
--MNI London Bureau;tel: +44 207-862-7495; email: les.castell@marketnews.com
[TOPICS: MTABLE]