Free Trial

(N1) Corrective Cycle Still In Play

  • RES 4: $505.03 - 1.382 proj of Jan - Feb - Apr price swing
  • RES 3: $492.35 - 1.236 proj of Jan - Feb - Apr price swing
  • RES 2: $488.80 - High May 10 and the bull trigger
  • RES 1: $478.20 - High May 18
  • PRICE: $451.80 @ 13:03 BST May 25
  • SUP 1: $443.50 - Low May 3 and a firm near-term support
  • SUP 2: $436.16 - 50-day EMA
  • SUP 3: $425.25 - Low Apr 22
  • SUP 4: $415.90 - Low Apr 19

Copper futures traded lower last week, extending the recent decline and price remains below the May 10 trend high of $488.80. The 20-day EMA has been breached and an extension lower would signal scope for a deeper pullback towards support at $443.50, May 3 low and also expose the 50-day EMA at $436.16. From a trend perspective, the primary uptrend remains intact. The bull trigger is $488.80.

To read the full story



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.