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(H2) Approaching Key Short-Term Resistance

COPPER TECHS
  • RES 4: $500.00 - Psychological round number
  • RES 3: $487.35 - 1.764 proj of Aug 19 - Sep 13 - Sep 21 price swing
  • RES 2: $477.70/83.40 - High Oct 18 / High May 10 and the bull trigger
  • RES 1: $448.60 High Nov 15 and key short-term resistance
  • PRICE: $448.45 @ 13:29 GMT Nov 24
  • SUP 1: $419.33 - 76.4% retracement of the Sep 21 - Oct 18 rally
  • SUP 2: $409.90 - Low Oct 6
  • SUP 3: $404.00/401.30 - Low Sep 30 / Low Sep 21
  • SUP 4: $397.05 - Low Aug 19

Copper futures remain above last week's low of $420.00 on Nov 17 low and are firmer again today. Last week's price action resulted in a breach of support at $426.00, Nov 3 and 4 low. The break of this level does reinforce a S/T bearish theme and signals scope for 419.33 next, 76.4% of the Sep 21 - Oct 18 rally ahead of $409.90, Oct 6 low. However, a break of $448.60, Nov 15 high would instead be bullish and signal scope for a stronger rally.

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