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(Z2) Clears Key Resistance

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: $390.50 - Intraday high
  • PRICE: $386.75 @ 13:17 GMT Nov 11
  • SUP 1: $351.65/324.30 - 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 and the contract is trading higher today, reinforcing current bullish conditions. The rally has resulted in a break of resistance at $378.35, the Aug 26 high. The break 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 351.65, the 50-day EMA.

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  • RES 4: $447.45 - High Jun 7
  • RES 3: $424.50 - High Jun 16
  • RES 2: $405.70 - Low May 12
  • RES 1: $390.50 - Intraday high
  • PRICE: $386.75 @ 13:17 GMT Nov 11
  • SUP 1: $351.65/324.30 - 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 and the contract is trading higher today, reinforcing current bullish conditions. The rally has resulted in a break of resistance at $378.35, the Aug 26 high. The break 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 351.65, the 50-day EMA.