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(Z1) Bull Rally Extends

COPPER TECHS
  • RES 4: $500.00 - Psychological round number
  • RES 3: $490.68 - 1.764 proj of Aug 19 - Sep 13 - Sep 21 price swing
  • RES 2: $487.05 - High May 10 and the bull trigger
  • RES 1: $478.00 - High May 18
  • PRICE: $472.05 @ 13:55 BST Oct 15
  • SUP 1: $448.30 - Low Oct 14
  • SUP 2: $428.65 - Low Oct 12
  • SUP 3: $411.40 - Low Oct 6
  • SUP 4: $405.45/401.60 - Low Sep 30 / Low Sep 21

The Copper rally continues to accelerate and futures are firmer once again today. The contract has cleared resistance at 458.60, Jul 27 high. A strong bullish condition was confirmed this week on the break of resistance at $430.68, a bear channel top drawn from the May 10 high. This suggests the 5-month correction is over and signals a resumption of the broad uptrend. The focus is on $487.05, May 10 high and the major resistance.

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