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(H1) Bullish Conditions Intact

COPPER TECHS
  • RES 4: $362.29 - 1.618 proj of the Oct 2 - 21 rally from Nov 4 low
  • RES 3: $357.97 - 1.500 proj of the Oct 2 - 21 rally from Nov 4 low
  • RES 2: $353.66 - 1.382 proj of the Oct 2 - 21 rally from Nov 4
  • RES 1: $352.15 - High Dec 1
  • PRICE: $349.65 @ 11:51 GMT Dec 3
  • SUP 1: $341.70 - Low Nov 30
  • SUP 2: $333.00 - Low Nov 27
  • SUP 3: $328.87 - 20-day EMA
  • SUP 4: $319.37 - Trendline support drawn off the Oct 2 low

Copper futures remain bullish, having recently rallied, with momentum strengthening following the Nov 20 break of resistance at $326.95, Nov 16 high. The contract has also recently cleared the top of a bull channel resistance drawn off the Oct 2 low reinforcing the underlying bullish structure. The focus is on 353.66 next, a Fibonacci projection. Initial support is seen at $333.00, Nov 27 low.

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