Free Trial

(Z1) Rally Accelerates

COPPER TECHS
  • RES 4: $478.00 - High May 18
  • RES 3: $470.95 - High Jun 1
  • RES 2: $465.59 - 76.4% retracement of the May - Aug bear leg
  • RES 1: $460.00 - High Jun 11
  • PRICE: $457.65 @ 13:36 BST Oct 14
  • SUP 1: $448.30 - Intraday low
  • 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 have today probed resistance at 458.60, Jul 27 high. A strong bullish condition was confirmed this week following the break of resistance at $430.68, the top of a bear channel 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 $465.59, a Fibonacci retracement. Firm support is seen at $428.65, Oct 12 low.

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.