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(H2) Eyeing Support

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: $451.15/64.08 - High Nov 26 / 61.8% of Oct - Nov sell-off
  • PRICE: $433.95 @ 13:36 GMT Dec 8
  • 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 are unchanged and remain above 420.65, Dec 1 low. Recent activity has defined an important short-term resistance at $451.15, the Nov 26 high. Attention is on support at $420.00, Nov 17 low. A break would signal scope for a deeper sell-off and open $409.90, Oct 6 low. For bulls, clearance of $451.15 is required to reinstate a bullish theme and this would open $464.08, a retracement chart point.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com

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