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(H1) Needle Points North

COPPER TECHS
  • RES 4: $398.95 - High Feb 2012
  • RES 3: $395.80 - High Apr 2012
  • RES 2: $385.20 - High Sep, 2012
  • RES 1: $379.55 - High Feb 10
  • PRICE: $375.05 @ 14:01 GMT Feb 12
  • SUP 1: $364.55 - 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 extended their gains this and the contract traded above the recent resistance and the recent trend high of $373.40, the Jan 7 high. This confirms a resumption of the underlying uptrend that has been in place since mid-March 2020. The latest recovery follows a recent inability to clear a bull channel support drawn off the Oct 2, 2020 low. Key trend support is at $349.10, Jan 28 low. The focus is on $386.25, Oct 2, 2012 high.

Energy BulletsCommodities
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