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(H1) Remains Above Support

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: $357.25 @ 13:50 GMT Jan 27
  • SUP 1: $355.15 - Low Jan 11 and a bear trigger
  • SUP 2: $348.56/347.80 - Trendline drawn off Oct 2 low / Low Dec 23
  • SUP 3: $345.00 - Low Dec 10
  • SUP 4: $343.90 - Low Dec 2

Copper futures are softer today but still trading within the recent range. Support lies at $355.15, Jan 11 low. Price reversed course on Jan 8/9 from the high of 373.40. The trend has been overbought for some time and a pullback would allow this condition to unwind. Attention is on the $355.15 support and a break would allow for a deeper sell-off. Key resistance is 373.40, Jan 1 high. A breach resumes the uptrend.

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