Free Trial

(N1) Bullish Focus

COPPER TECHS
  • RES 4: $454.00 - Weekly High Aug 5, 2011 (cont)
  • RES 3: $438.67 - 0.618 proj of Jan 28 - Feb 25 - Mar 4 price swing
  • RES 2: $437.00 - High Feb 25 and the bull trigger
  • RES 1: $430.35 - Intraday high
  • PRICE: $426.50 @ 12:37 BST Apr 20
  • SUP 1: $410.08 20-day EMA
  • SUP 2: $399.50 - Low Apr 12
  • SUP 3: $394.75 - Low Mar 25
  • SUP 4: $385.00 - Low Mar 4 and key support

Copper futures maintain a firmer tone following last week's recovery from $399.50, Mar 12 low and have traded higher today. Price cleared $419.00, Mar 15 high last week. The break confirms a move out of the recent range and strengthens a bullish case. This has exposed key resistance at $437.00, Feb 25 high. A break would confirm a resumption of the broader uptrend. On the downside, 399.50 is key support. 410.08, the 20-day EMA is first support.

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.