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- RES 4: $384.88 - 2.236 projection of Oct 2 - 21 rally from Nov 4 low
- RES 3: $376.25 - 2.00 projection of Oct 2 - 21 rally from Nov 4 low
- RES 2: $367.62 - 1.764 projection of Oct 2 - 21 rally from Nov 4 low
- RES 1: $362.45 - High Dec 11
- PRICE: $359.90 @ 12:35 GMT Dec 17
- SUP 1: $345.00 - Low Dec 10
- SUP 2: $344.29 - 20-day EMA
- SUP 3: $333.00 - Low Nov 27
- SUP 4: $327.45 - Trendline support drawn off the Oct 2 low
Copper futures are firmer and trading close to recent highs. The outlook remains bullish. The contract recently cleared the top of a bull channel drawn off the Oct 2 low reinforcing the underlying bullish structure. Furthermore, moving average studies remain in a bull mode and together with fresh highs last week, reinforce the bullish theme. The focus is on 367.62, a Fibonacci projection. Initial support is $345.00, Dec 10 low.