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(H1) Uptrend Extension

COPPER TECHS
  • RES 4: $398.95 - High Feb 2012
  • RES 3: $395.80 - High Apr 2012
  • RES 2: $385.20 - High Sep, 2012
  • RES 1: $384.50 - High Feb 16
  • PRICE: $381.75 @ 14:05 GMT Feb 17
  • SUP 1: $366.68 - 20-day EMA
  • SUP 2: $359.91 - Bull channel support drawn off the Oct 2, 2020 low
  • SUP 3: $349.10 - Low Jan 28 and the bear trigger
  • SUP 4: $345.00 - Low Dec 10

Copper futures remain firm and are trading closer to recent highs. Last week's break of the former resistance at $373.40, Jan 7 high confirmed a resumption of the underlying uptrend that has been in place since mid-March 2020. The latest recovery follows a recent inability to clear a bull channel support drawn off the Oct 2, 2020 low. Key trend support is at $349.10, Jan 28 low. Sights are on $385.20, the Sep 2012 high.

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