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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: $360.00 Round number resistance
  • RES 2: $357.97 - 1.500 proj of the Oct 2 - 21 rally from Nov 4 low
  • RES 1: $353.66 - 1.382 proj of the Oct 2 - 21 rally from Nov 4 low
  • PRICE: $352.45 @ 12:29 GMT Dec 4
  • SUP 1: $341.70 - Low Nov 30
  • SUP 2: $333.00 - Low Nov 27
  • SUP 3: $330.79 - 20-day EMA
  • SUP 4: $320.18 - Trendline support drawn off the Oct 2 low
Copper futures remain bullish and continue to trade higher with momentum still firm following the Nov 20 break of resistance at $326.95, Nov 16 high. The contract has also recently cleared the top of a bull channel resistance drawn off the Oct 2 low reinforcing the underlying bullish structure. The focus is on 353.66 next and $357.97, Fibonacci projections. Initial support is seen at $343.90, Dec 2 low.

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