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Heading South


Trades Through Key Short-term Resistance


Compelling Case for 50Bp Hikes


BLOCK, 5Y Sale

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(H1) Still Heading North

  • 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
  • PRICE: $370.10 @ 13:00 GMT Jan 8
  • SUP 1: $355.70 - 20-day EMA
  • SUP 2: $347.80 - Low Dec 23
  • SUP 3: $345.00 - Low Dec 10 and the key near-term support
  • SUP 4: $338.83 - Trendline support drawn off the Oct 2 low

Copper started the year on a firmer note and has maintained this theme all week. The contract has cleared resistance at $364.55, Dec 18 high and a bull trigger. The break confirms a resumption of the underlying uptrend paving the way for a climb towards $376.25, 2.00 projection of Oct 2 - 21 rally from the Nov 4 low. On the downside, key support has been defined at $347.80, Dec 23 low.

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