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(H2) Off Recent Lows

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: $442.32/453.45 - 20-day EMA / High Jan 26
  • PRICE: $438.70 @ 12:55 GMT Feb 1
  • 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 have recovered from yesterday’s low of $428.20. Support at $437.60, Jan 18 low was breached last week. Note too that the contract has also cleared the 50-day EMA. This break lower undermines the recent bullish theme and signals potential for a deeper sell-off towards $423.20, the Dec 20 low. A clear break of this support would expose $411.95 further out, Dec 15 low. Key resistance has been defined at $460.10, Jan 12 high.

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