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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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(H2) Approaching The Bull Trigger

  • RES 4: $477.70 - High Oct 18
  • RES 3: $470.95 - High Oct 21
  • RES 2: $462.18 - 76.4% retracement of the Oct - Dec sell-off
  • RES 1: $460.10 - High Jan 12 and key short-term resistance
  • PRICE: $456.50 @ 14:03 GMT Jan 21
  • SUP 1: $439.51/37.60 - 50-day EMA / Low Jan 18
  • SUP 2: $431.35 - Low Jan 6
  • SUP 3: $423.20/411.95 - Low Dec 20 / Low Dec 15 and key support
  • SUP 4: $409.90 - Low Oct 6

Copper futures rallied sharply higher yesterday. This follows the bounce from Tuesday’s low of $437.60 and just below the 50-day EMA. Attention is on the key short-term resistance at $460.10, Jan 12 high where a break would confirm a resumption of the uptrend. This would expose 462.18, a Fibonacci retracement. On the downside, weakness below $437.60 and the 50-day EMA at $439.51 would instead signal scope for a deeper pullback.

MNI London Bureau | +44 203-586-3805 |

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