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(Z1) Stalls Above The Bear Channel Top

  • 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 the bull trigger
  • PRICE: $432.00 @ 13:55 BST Sep 14
  • SUP 1: $420.60 - Low Sep 8 and key near-term support
  • SUP 2: $412.00 - Low Aug 23
  • SUP 3: $396.65/94.55 - Low Aug 19 / Low Apr 1
  • SUP 4: $379.92 - Bear channel base drawn off the May 10 high

Copper has stalled at yesterday's high of $447.15. This is a potentially important reversal as it has occurred just above the top of a bear channel drawn from the May 10 high. Furthermore, a Fibonacci retracement at 443.98, although probed, has essentially held as resistance. The support to watch is $420.60, Sep 8 low. A break would suggest scope for a deeper pullback within the channel. Yesterday's $447.15 high is the bull trigger.

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