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(Z1) Clears Bear Channel Resistance

COPPER TECHS
  • RES 4: $470.95 - High Jun 1
  • RES 3: $458.60 - High Jul 27 and key resistance
  • RES 2: $452.80 - High Jul 30
  • RES 1: $447.15 - High Sep 13 and bull trigger
  • PRICE: $433.95 @ 13:40 BST Oct 11
  • SUP 1: $411.40 - Low Oct 6
  • SUP 2: $405.45/401.60 - Low Sep 30 / Low Sep 21
  • SUP 3: $396.65/94.55 - Low Aug 19 / Low Apr 1
  • SUP 4: $383.55 - Low Mar 4

Copper futures rallied yesterday and cleared resistance at $430.68. This marked the top of a bear channel resistance drawn from the May 10 high. The break is a bullish development and strengthens a bullish case. This signals scope for a climb towards $447.15, Sep 13 high and a key resistance. Firm support has been defined at $411.40, Oct 6 low where a break is required to reinstate a bearish threat.

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