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(H2) Recent Lows Still Intact

COPPER TECHS

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: $453.35 High Oct 25
  • PRICE: $441.35 @ 13:50 GMT Nov 12
  • SUP 1: $426.00 - Low Nov 3 and 4
  • SUP 2: $419.33 - 76.4% retracement of the Sep 21 - Oct 18 rally
  • SUP 3: $409.90 - Low Oct 6
  • SUP 4: $404.00/401.30 - Low Sep 30 / Low Sep 21

Copper futures are firmer but still trading inside its recent range and above recent lows. The short-term outlook remains bearish. The recent prints below both the 20- and 50-day EMAs signal scope for a deeper pullback that has opened 419.33 next, 76.4% of the Sep 21 - Oct 18 rally ahead of $409.90, the Oct 6 low. First resistance is seen at 453.35, Oct 25 high. A break of this level would ease bearish pressure.

Energy BulletsCommodities
Energy BulletsCommodities

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