COPPER TECHS: (N5) Corrective Bounce Still In Play
Apr-17 13:25
- RES 4: $541.50 - High Mar 26 and a key resistance
- RES 3: $521.30 - High Mar 28
- RES 2: $490.27 - 61.8% retracement of the Mar 26 - Apr 7 bear leg
- RES 1: $480.00 - Intraday high
- PRICE: $467.25 @ 14:14 BST Apr 17
- SUP 1: $436.00/407.40 - Low Apr 10 / 7 and the bear trigger
- SUP 2: $400.00 - Psychological round number
- SUP 3: $392.10 - Low Aug 7 ‘24 low (cont) and a key support
- SUP 4: $380.15 - Low Feb 28 ‘24 (cont)
Copper futures remain in a bear-mode cycle and the latest recovery, although strong, appears corrective - for now. A resumption of weakness would open key support at $403.00, Apr 7 low. A clear break of itl would strengthen a bearish theme and confirm a resumption of the downtrend that started Mar 26. This would open $392.10, the Aug 7 ‘24 low (cont). The 50-day EMA has been pierced, a clear break would open $490.27, a Fibonacci retracement.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
EURIBOR OPTIONS: Call spread buyer
Mar-18 13:22
ERJ5 97.87/97.9375cs, bought for 1.25 in 12k.
NETHERLANDS: Continued Uncertainty Surrounds The Pension Transition
Mar-18 13:19
Uncertainty prevails when it comes to the Dutch pension transition situation.
- ING note that “Dutch pension funds in the midst of the transition process have been looking with unease at the law proposal of two Dutch parties that would introduce a requirement for each fund to obtain a vote of approval from its participants before transitioning assets to the new system. The Minister of Social Affairs had asked the State Council’s advisory body to evaluate the proposal, and some news outlets indicated last week that it would likely be very critical”.
- They go on, “the State Council indeed came back with serious objections to the proposal yesterday, saying that it could have severe consequences which had not been adequately considered, such as undermining the solidarity and collective nature of the pension system. According to the Council, the proposal also failed to meet legislative quality standards and would disrupt the ongoing transition, which has already been extensively discussed with all social partners and where some funds have already made the transition”.
- They conclude by noting that “the parties that introduced the proposals have signalled some initial defiance to the advice, but it puts the Minister of Social Affairs in a particular tight spot since his party was one of the backers”.
MNI: US FEB INDUSTRIAL PROD +0.7%; CAP UTIL 78.2%
Mar-18 13:15
- MNI: US FEB INDUSTRIAL PROD +0.7%; CAP UTIL 78.2%
- US JAN IP REV TO +0.3%; CAP UTIL REV 77.7%
- US FEB MFG OUTPUT +0.9%
