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(H2) Remains Below The Bull Trigger

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: $443.85 @ 12:43 GMT Jan 24
  • SUP 1: $444.01/437.60 - 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 failed so far, to challenge resistance at $460.10, the Jan 12 high. Recent gains have defined a key short-term support at $437.60, Jan 18 low and just below the 50-day EMA. Attention is on resistance at $460.10, Jan 12 high where a break would confirm a resumption of the uptrend and expose $462.18, a Fibonacci retracement. Weakness below $437.60 and the 50-day EMA at $444.01 would instead signal scope for a deeper pullback.

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