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(H2) Probes Resistance

COPPER TECHS
  • 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: $449.85 - Intraday high
  • PRICE: $441.40 @ 14:02 GMT Dec 29
  • SUP 1: $423.20/411.95 - Low Dec 20 / Low Dec 15 and key 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 continue to strengthen and extend the reversal from the Dec 15 low of $411.95. This low represents a key short-term support. Post-Holiday strength has resulted in a print above resistance at $439.80, the Dec 9 high. A clear break of this hurdle would strengthen short-term bullish conditions and open $451.15, the Nov 26 high. Initial support is seen at $423.20, the Dec 20 low.

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