Free Trial

(Z2) Bearish Outlook

COPPER TECHS
  • 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: $347.05 @ 14:29 GMT Nov 2
  • 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

A bearish threat remains present in Copper futures despite this week’s gains. The contract is trading below last week’s high and moving average studies are in a bear mode position, highlighting 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, Aug 26 high. A break would highlight an important bullish break.

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.