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(H2) Consolidating At This Week’s Highs

COPPER TECHS
  • RES 4: $470.95 - High Oct 21
  • RES 3: $462.18 - 76.4% retracement of the Oct - Dec sell-off
  • RES 2: $460.10 - High Jan 12 and key short-term resistance
  • RES 1: $453.45 - High Jan 26
  • PRICE: $449.10 @ 13:14 GMT Feb 4
  • SUP 1: $428.20 - Low Jan 31
  • SUP 2: $423.20 - Low Dec 20
  • SUP 3: $411.95 - Low Dec 15 and key support
  • SUP 4: $409.90 - Low Oct 6

Copper futures are unchanged. The contract has recovered from Monday’s low of $428.20. The contract is again above the 50-day EMA and attention turns to $460.10, the Jan 12 high and key short-term resistance. A break of $460.10 is required to strengthen a bullish theme. On the downside, key short-term support has been defined at $428.20, the Jan 31 low where a break would reinstate a bearish threat.

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