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(H1) Corrective Pullback

COPPER TECHS
  • RES 4: $384.88 - 2.236 projection of Oct 2 - 21 rally from Nov 4 low
  • RES 3: $380.00 Round number resistance
  • RES 2: $376.25 - 2.00 projection of Oct 2 - 21 rally from Nov 4 low
  • RES 1: $373.40 - High Jan 7 and key resistance
  • PRICE: $358.90 @ 13:23 GMT Jan 11
  • SUP 1: $356.81 - 20-day EMA
  • SUP 2: $347.80 - Low Dec 23
  • SUP 3: $345.00 - Low Dec 10 and the key near-term support
  • SUP 4: $339.64 - Trendline support drawn off the Oct 2 low

Copper futures are trading lower today having reversed course Friday off the high of 373.40. A deeper pullback is considered likely. The trend condition has been overbought for some time and a pullback will contribute to an unwinding of the trend condition. Attention is on 356.81, the 20-day EMA and the next important support area. A break would allow for a deeper sell-off. Key resistance is at 373.40.

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