TECHS: Copper: (Z)) Corrective Phase

• RES 4: $331.55 - High Jun 7, 2018 (cont)
• RES 3: $327.15 - High Jun 13, 2018 (cont)
• RES 2: $321.80 - High Oct 21 and the bull trigger
• RES 1: $314.30 - High Oct 26
• PRICE: $306.05 @ 11:01 GMT Oct 29
• SUP 1: $304 20 - Low Oct 28
• SUP 2: $302.45 - Low Oct 15
• SUP 3: $302.09 - 50-day EMA
• SUP 4: $298.10 - 61.8% retracement of the Oct 2 - 21 rally

Copper futures stalled last week at $321.80, Oct 21 high and have since entered a corrective phase. Price has this week traded through the 20-day EMA signalling scope for a deeper near-term pullback. This has opened $302.45, Oct 15 low and $302.09, the 50-day EMA. A convincing breach of the 50-day EMA is required to threaten a deeper sell-off. On the upside, initial resistance is seen at $314.30, Oct 26 high.