TECHS: COPPER: (Z0) Extends This Week's Bounce

• 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: $319.60 - High Oct 22
• PRICE: $316.10 @ 12:03 GMT Nov 6
• SUP 1: $302.80 - Low Nov 2 and the bear trigger
• SUP 2: $298.10 - 61.8% retracement of the Oct 2 - 21 rally
• SUP 3: $292.50 - 76.4% retracement of the Oct 2 - 21 rally
• SUP 4: $292.05 - Low Oct 6

Copper futures found support at Monday's low of $302.80 and continued to trade higher. Despite recent gains, the outlook is bearish with price action still in a corrective phase. Price last week traded through the 20-day EMA signalling scope for a deeper pullback. Activity this week has also seen price test the 50-day EMA. A convincing breach of the average would reinforce S/T bearish conditions. The bull trigger is $321.80, a break resumes the uptrend.