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(H1) Trendline Support Holds

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: $361.25 - High Jan 29
  • PRICE: $354.10 @ 14:05 GMT Feb 1
  • SUP 1: $349.10 - Low Jan 28 and the bear trigger
  • SUP 2: $345.00 - Low Dec 10
  • SUP 3: $343.90 - Low Dec 2
  • SUP 4: $340.00 - Round number support
Copper futures traded lower last week and cleared support at $355.15, Jan 11 low. Price has also traded down to the key trendline support drawn off the Oct 2 low. The Jan 28 low was at $349.10, the trendline today intersects at $350.99. A breach of this line would strengthen a bearish case and signal scope for weakness towards the 340.00 handle. A stronger recovery from the trendline though and a clear break of 360.00 would expose $367.35.

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