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(H1) Still Defying Gravity

COPPER TECHS
  • RES 4: $362.29 - 1.618 proj of the Oct 2 - 21 rally from Nov 4 low
  • RES 3: $357.97 - 1.500 proj of the Oct 2 - 21 rally from Nov 4 low
  • RES 2: $343.66 - 1.382 proj of the Oct 2 - 21 rally from Nov 4
  • RES 1: $350.30 - Intraday high
  • PRICE: $349.15 @ 14:18 GMT Nov 30
  • SUP 1: $333.00 - Low Nov 27
  • SUP 2: $330.10 - Low Nov 25
  • SUP 3: $325.55 - Low Nov 23
  • SUP 4: $322.44 - 20-day EMA
Copper futures remain bullish and continue to push higher as momentum continues to strengthen following the Nov 20 break of resistance at $326.95, Nov 16 high. The contract has also cleared the top of a bull channel resistance drawn off the Oct 2 low. The top intersects at $342.94 and the break reinforces the bullish picture. The focus is on 353.66 next, a Fibonacci projection. Initial support is seen at $333.00 , Friday's low.

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