MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: ECB Should Be Close To 2% In Next Quarters -Centeno

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

MNI: US NOV IMPORT PRICES +0.1%

MNI: CANADA Q3 INDUSTRIAL CAPACITY UTILIZATION RATE 79.3%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

(U2) Bear Flag Formation

COPPER TECHS
  • RES 4: $404.40 - Low May 12
  • RES 3: $385.00 - High Jun 28
  • RES 2: $382.95 - 50-day EMA
  • RES 1: $358.00 - High Jul 7 and a key near-term resistance
  • PRICE: $337.10 @ 12:46 BST Jul 25
  • SUP 1: $313.15 - Low Jul 15
  • SUP 2: $300.00 - Psychological round number
  • SUP 3: $294.85 - 2.00 proj of the Apr 18 - May 12 - Jun 3 price swing
  • SUP 4: $275.33 - 2.236 proj of Apr 18 - May 12 - Jun 3 price swing

Copper futures remain vulnerable. The contract continues to consolidate and recent price action has taken on the appearance of a bear flag. This reinforces bearish trend readings. Note too that moving average studies are in a bear mode condition, highlighting current sentiment. A break lower would pave the way for a move towards $300.00 and $294.85, a Fibonacci projection. Firm resistance is seen at $358.00, Jul 7 high.

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.