Free Trial

(Z2) Bullish Price Structure

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: $396.00 - Intraday high
  • PRICE: $393.85 @ 13:21 GMT Nov 14
  • SUP 1: $353.20/324.30 - 50-day EMA / 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 maintain a bullish tone. Last week’s move higher resulted in a break of resistance at $378.35, the Aug 26 high. The breach paves the way for a climb towards $405.70 next, the May 12 low. Note that moving average studies are beginning to highlight a bullish set-up and this reinforces the current positive trend condition. Initial support lies at 353.20, the 50-day EMA. Short-term retracements would be considered corrective.

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.