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(Z2) Holding On To Its Recent Gains

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: $370.85/378.35 - High Nov 4 / High Aug 26 and bull trigger
  • PRICE: $365.10 @ 13:13 GMT Nov 9
  • SUP 1: $349.87/324.30 - 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 are holding on to recent gains. The contract traded sharply higher Friday and in the process breached resistance at 359.30, the Oct 6 high. A continuation higher would open key resistance at 378.35, the Aug 26 high. Clearance of this level is required to highlight a stronger bullish reversal. On the downside, support lies at $324.30, the Sep 28 low. Initial support lies at 349.87, 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: $370.85/378.35 - High Nov 4 / High Aug 26 and bull trigger
  • PRICE: $365.10 @ 13:13 GMT Nov 9
  • SUP 1: $349.87/324.30 - 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 are holding on to recent gains. The contract traded sharply higher Friday and in the process breached resistance at 359.30, the Oct 6 high. A continuation higher would open key resistance at 378.35, the Aug 26 high. Clearance of this level is required to highlight a stronger bullish reversal. On the downside, support lies at $324.30, the Sep 28 low. Initial support lies at 349.87, the 50-day EMA.