Free Trial

(H1) Still Trading Below Recent Highs

  • 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: $363.70 @ 13:23 GMT Jan 19
  • SUP 1: $355.15 - Low Jan 11
  • SUP 2: $347.80 - Low Dec 23
  • SUP 3: $345.00 - Low Dec 10 and the key near-term support
  • SUP 4: $343.69 - Trendline support drawn off the Oct 2 low

Copper futures remain below recent and still appear vulnerable short-term having reversed course on Jan 8/9 off the high of 373.40. The trend has been overbought for some time and a pullback will contribute to an unwinding of this condition. Attention is on the 20-day EMA that was probed earlier this week. A clear break would allow for a deeper sell-off. Key resistance is at 373.40.

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.