MNI BRIEF: Inflation Risks Now Shifted To Downside-BOE Ramsden

MNI: Goolsbee Says Stalled Inflation Means Wait Before Moving

MNI China Daily Summary: Friday, April 19

MNI BRIEF: China Hog Market More Balanced In Q2 - Ministry

MNI: PBOC Conducts CNY2 Bln Via OMO Fri; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: BAKER HUGHES US RIG COUNT 619; OIL RIGS 511; GAS RIGS 106

EZ/UK Bond Supply Calendar: EU, UK Synd W/C 22 Apr, BoE APF Mon

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

(N2) The 50-Day EMA Marks Key Short-Term Resistance

COPPER TECHS
  • RES 4: $462.20 - High Apr 25
  • RES 3: $454.56 - 61.8% retracement of the Apr 18 - May 12 bear leg
  • RES 2: $441.02 - 50-day EMA
  • RES 1: $436.65 - Intraday high
  • PRICE: $431.90 @ 14:05 BST May 31
  • SUP 1: $403.70/401.60 - Low May 12 / Low Sep 21 2021 (cont)
  • SUP 2: $396.15 - Low Aug 19 2021 (cont)
  • SUP 3: $391.07 - 1.764 proj of the Mar 7 - 15 - Apr 5 price swing
  • SUP 4: $378.35 - 2.00 proj of the Mar 7 - 15 - Apr 5 price swing

Recent gains in Copper futures are still considered corrective, despite a print above $435.50, May 23 high. A key resistance is seen at $441.06, the 50-day EMA. A reversal lower would reinforce bearish conditions and refocus attention on support at $403.70, the May 12 low and key support. For bulls, a clear break of the 50-day EMA is required to instead suggest scope for a stronger recovery.

Energy BulletsCommodities
Energy BulletsCommodities

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.