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COMMODITIES

Oil Erases Early Losses on Supply Scramble

OPTIONS

Larger FX Option Pipeline

(H1) Extends Gains

COPPER TECHS
  • RES 4: $386.25 - High Oct 2, 2012
  • RES 3: $379.25 - High Feb 4, 2013
  • RES 2: $377.45 - High Feb 8, 2013
  • RES 1: $373.40 - High Jan 7 and key resistance
  • PRICE: $371.25 @ 13:51 GMT Feb 9
  • SUP 1: $359.20 - 20-day EMA
  • SUP 2: $349.10 - Low Jan 28 and the bear trigger
  • SUP 3: $345.00 - Low Dec 10
  • SUP 4: $343.90 - Low Dec 2

Copper futures continue to climb. Price action between Jan 28 and Feb 3 failed to clear trendline support drawn off the Oct 2, 2020 low. The subsequent recovery suggests the correction lower has run its course and the focus shifts to the primary resistance at $373.40, Jan 8 high. A break of this level would confirm a resumption of the uptrend that has been in place since mid-March. Key trend support is at $349.10, Jan 28 low.