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(Z2) Bear Threat Still Present Despite Recent Gains

  • RES 4: $447.45 - High Jun 7
  • RES 3: $424.50 - High Jun 16
  • RES 2: $405.70 - Low May 12
  • RES 1: $359.30/378.35 - High Oct 6 / High Aug 26 and bull trigger
  • PRICE: $352.10 @ 13:30 BST Oct 27
  • SUP 1: $324.30 - Low Sep 28
  • SUP 2: $313.55 - Low Jul 15 and the bear trigger
  • SUP 3: $300.00 - Psychological round number
  • SUP 4: $279.40 - 2.00 proj of the Mar 7 - May 12 - Jun 3 price swing

Copper futures traded higher yesterday, however, a bearish threat remains present. Moving average studies are in a bear mode position and this highlights a downtrend. A key support at $336.10, Sep 6 low, was cleared late September. This strengthened a bearish case and has exposed $313.55, Jul 15 low. Key resistance is unchanged at $378.35, the Aug 26 high. A break would cancel a bearish theme and highlight an important bullish break.

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