Free Trial

(Z1) 200-Day MA Under Pressure

COPPER TECHS
  • RES 4: $458.60 - High Jul 27 and key resistance
  • RES 3: $441.90 - High Aug 13
  • RES 2: $434.38 - 50-day EMA
  • RES 1: $416.55 - Low Jul 19
  • PRICE: $401.50 @ 13:40 BST Aug 19
  • SUP 1: $394.55 - Low Apr 1
  • SUP 2: $388.87 - Bear channel base drawn off the May 10 high
  • SUP 3: $383.55 - Low Mar 4
  • SUP 4: $373.35 - High Jan 8

Copper futures are lower again today as the contract extends this week's slide and probes the 200-day MA. Yesterday saw price trade through $422.50, a key trendline support drawn off the Mar 19, 2020 low. The move below this trendline highlights an important technical break and reinforces bearish conditions. The focus is on $394.55, Apr 1 low and $388.87, a bear channel base. Resistance is at $416.55.

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.