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Bullish Price Sequence Intact

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  • 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: $451.15/64.08 - High Nov 26 / 61.8% of Oct - Nov sell-off
  • PRICE: $436.15 @ 13:28 GMT Nov 29
  • SUP 1: $420.00 - Low Nov 17
  • 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 reversed course Friday having failed to hold onto a test above the $450.00 handle. The move lower defines an important short-term resistance at $451.15, Friday’s high. Attention has shifted to support at $420.00, the Nov 17 low. A break of this level would signal scope for a deeper sell-off. Clearance of $451.15 is required to reinstate a bullish theme and open $464.08, a retracement level.