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(Z1) Corrective Cycle Still In Play

COPPER TECHS
  • RES 4: $502.60 - 2.00 proj of Aug 19 - Sep 13 - Sep 21 price swing
  • RES 3: $500.00 - Psychological round number
  • RES 2: $490.68 - 1.764 proj of Aug 19 - Sep 13 - Sep 21 price swing
  • RES 1: $487.05 - High May 10 and the bull trigger
  • PRICE: $452.35 @ 13:45 BST Oct 25
  • SUP 1: $446.10 - Low Oct 22
  • 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

Copper has entered a corrective cycle. The broader outlook remains bullish. The rally last week traded to a high just short of the key $487.05 resistance, May 10 high and a bull trigger. A strong bullish condition was recently confirmed following the break of a bear channel top from May 10. This signals a resumption of the broader uptrend. Clearance of $487.05 would strengthen this case and open 490.68, a Fibonacci projection. Initial support is $446.10.

Foreign Exchange Technical AnalysisDataEM BulletHomepagemarkets-real-timeCommoditiesBulletMarketsEmerging Markets NewsForeign Exchange News
Foreign Exchange Technical AnalysisDataEM BulletHomepagemarkets-real-timeCommoditiesBulletMarketsEmerging Markets NewsForeign Exchange News

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