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(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.

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