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Free Access(Z1) Trend Needle Still Points North
- 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: $463.95 @ 13:33 BST Oct 21
- SUP 1: $458.60 - High Jul 27
- 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 is off recent highs. The rally earlier this week traded to a high just short of key resistance at $487.05, the May 10 high and bull trigger. A strong bullish condition was confirmed last week following the break of resistance at $430.68, a bear channel top from the May 10 high. This signals a resumption of the broader uptrend and a break of $487.05 would confirm this and open 490.68, a Fibonacci projection. Initial support is at $458.60, the Jul 27 high.
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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.