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(Z3) Corrective Cycle Still In Play

  • RES 4: $390.85 - High Sep 1
  • RES 3: $385.15 - High Sep 15
  • RES 2: $378.60 - High Sep 29
  • RES 1: $371.00 - High Oct 30
  • PRICE: $366.55 @ 13:56 GMT Nov 1
  • SUP 1: $351.95 - Low Oct 23 and the bear trigger
  • SUP 2: $350.00 - Round number support
  • SUP 3: $345.75 - 2.00 proj of the Sep 1 - 8 - 15 price swing
  • SUP 4: $337.95 - Low Nov 3 2022 (cont)

The trend condition in Copper futures remains down, however, a corrective cycle is in play and the contract traded higher Monday. A continuation of the short-term bull cycle would signal scope for a stronger retracement potentially towards resistance at $378.60. For bears, a reversal lower would signal a resumption of the downtrend - the bear trigger has been defined at $351.95. Clearance of this level would open the $350.00 handle and below.

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