(H2) Holding Above Last Week’s Low

• RES 4: $487.35 - 1.764 proj of Aug 19 - Sep 13 - Sep 21 price swing
• RES 3: $477.70/83.40 - High Oct 18 / High May 10 and the bull trigger
• RES 2: $451.15/64.08 - High Nov 26 / 61.8% of Oct - Nov sell-off
• RES 1: $439.80 - High Dec 9
• PRICE: $433.80 @ 12:22 GMT Dec 21
• SUP 1: $411.95 - Low Dec 15 and key near-term support
• 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 have recovered well off the Dec 15 lows, despite breaching key short-term support at $420.00. The break reinforced a bearish threat however, this has been neutralised following the strong rebound off that day’s low. Key support has been defined at $411.95 and an extension higher would expose $439.80, the Dec 9 high. A break of this level would strengthen a bullish theme. Weakness below $411.95, Dec 15 low, is required to reinstate a bearish tone.