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(H2) Recovery From The 50-Day EMA Extends

COPPER TECHS
  • RES 4: $477.70 - High Oct 18
  • RES 3: $470.95 - High Oct 21
  • RES 2: $462.18 - 76.4% retracement of the Oct - Dec sell-off
  • RES 1: $460.10 - High Jan 12 and key short-term resistance
  • PRICE: $451.20 @ 13:41 GMT Jan 20
  • SUP 1: $438.74/37.60 - 50-day EMA / Low Jan 18
  • SUP 2: $431.35 - Low Jan 6
  • SUP 3: $423.20/411.95 - Low Dec 20 / Low Dec 15 and key support
  • SUP 4: $409.90 - Low Oct 6

Copper futures have recently traded lower following a reversal from 460.10, Jan 12 high. Price tested the 50-day EMA, currently at 438.74, but found support just below the EMA. A deeper pullback and clearance of this EMA would open 431.35, Jan 6 low and a key short-term support. On the upside, attention is on last week’s $460.10 high where a break would reinstate a bullish theme. This would expose 462.18, a Fibonacci retracement.

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