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(Z3) Gains Considered Corrective

COPPER TECHS
  • RES 4: $390.85 - High Sep 1
  • RES 3: $385.15 - High Sep 15
  • RES 2: $378.60 - High Sep 29
  • RES 1: $367.45 - High Oct 10 and key short-term resistance
  • PRICE: $360.80 @ 13:35 BST Oct 25
  • SUP 1: $351.95 - Low Oct 223
  • 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 and the contract traded to a fresh cycle low Monday. The recent move down also highlights a clear break of support at $358.60, May 24 low. This confirms a resumption of the medium-term downtrend that started Jan 18 and paves the way for the $350.00 handle. Key short-term resistance has been defined at $367.45, the Oct 10 high. Short-term gains are considered corrective - for now.

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