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(H1) Approaching A Bull Channel Top

COPPER TECHS
  • RES 4: $353.66 - 1.382 proj of the Oct 2 - 21 rally from Nov 4
  • RES 3: $350.00 - Round number resistance
  • RES 2: $348.33 - 1.236 proj of the Oct 2 - 21 rally from Nov 4
  • RES 1: $342.13 - Bull channel top drawn off the Oct 2 low
  • PRICE: $340.50 @ 12:33 GMT Nov 27
  • SUP 1: £330.10 - Low Nov 25
  • SUP 2: $325.55 - Low Nov 23
  • SUP 3: $318.55 - Low Nov 19
  • SUP 4: $316.12 - Bull channel base drawn off the Oct 2 low

Copper futures remain bullish and continue to push higher as momentum strengthens following the Nov 20 break of resistance at $326.95, Nov 16 high. The contract is approaching the top of a bull channel resistance drawn off the Oct 2 low. The top intersects at $342.13 and may provide some resistance near-term. A break however would open 348.33, a Fibonacci projection. Initial support is seen at $330.10, Nov 25 low.

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