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(H2) Outlook Remains Bullish

COPPER TECHS
  • RES 4: $470.95 - High Oct 21
  • RES 3: $462.18 - 76.4% retracement of Oct - Dec sell-off
  • RES 2: $452.58 - 61.8% retracement of Oct - Dec sell-off
  • RES 1: $451.15 - High Nov 26 and the bull trigger
  • PRICE: $439.80 @ 14:12 GMT Jan 11
  • SUP 1: $431.35 - Low Jan 6
  • SUP 2: $423.20/411.95 - Low Dec 20 / Low Dec 15 and key support
  • SUP 3: $409.90 - Low Oct 6
  • SUP 4: $404.00/401.30 - Low Sep 30 / Low Sep 21

Copper futures are unchanged and the outlook remains bullish following the reversal from the Dec 15 low of $411.95. This low represents a key S/T support and attention is on $451.15, the Nov 26 high and a key short-term hurdle for bulls. A break would open $452.58 and $462.18, Fibonacci retracement levels. Initial support is at yesterday’s low of $431.35. Key support is far off at $411.95. The recent move lower is considered corrective.

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