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(H1) Still Trading Below Recent Highs

COPPER TECHS
  • RES 4: $384.88 - 2.236 projection of Oct 2 - 21 rally from Nov 4 low
  • RES 3: $376.25 - 2.00 projection of Oct 2 - 21 rally from Nov 4 low
  • RES 2: $367.62 - 1.764 projection of Oct 2 - 21 rally from Nov 4 low
  • RES 1: $364.55 - High Dec 18 and the bull trigger
  • PRICE: $352.40 @ 06:24 GMT Dec 31
  • SUP 1: $347.80 - Low Dec 23
  • SUP 2: $345.00 - Low Dec 10 and the key near-term support
  • SUP 3: $334.77 - Trendline support drawn off the Oct 2 low
  • SUP 4: $333.00 - Low Nov 27
Copper is softer and continues to trade below recent highs. The trend outlook though remains bullish - recent fresh highs confirmed once again a resumption of the uptrend. Moving average studies remain in a bull mode and this reinforces the bullish theme. Attention is on 367.62, a Fibonacci projection. Initial firm support is seen at $345.00, Dec 10 low. A break would signal scope for a deeper correction.

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