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(H1) Tests Trendline Support

COPPER TECHS
  • RES 4: $376.25 - 2.00 projection of Oct 2 - 21 rally from Nov 4 low
  • RES 3: $373.40 - High Jan 7 and key resistance
  • RES 2: $367.35 - High Jan 21
  • RES 1: $360.119 20-day EMA
  • PRICE: $354.50 @ 13:33 GMT Jan 28
  • SUP 1: $349.10 - Intraday low
  • SUP 2: $345.00 - Low Dec 10
  • SUP 3: $343.90 - Low Dec 2
  • SUP 4: $340.00 Round number support
Copper futures have traded lower this week and cleared support at $355.15, Jan 11 low. Price has also traded down to the key trendline support at $349.37. Today's low is at $349.10 and the trendline is drawn off the Oct 2 low. A breach of the trendline would strengthen a bearish case and signal scope for weakness towards the 340.00 handle. A stronger recovery from the trendline and a move above 360.00 would expose $367.35, Jan 21 high.

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