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(H2) Strong Rally

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
  • PRICE: $455.35 @ 12:45 GMT Jan 13
  • SUP 1: $442.00 - Low Jan 12
  • 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 traded sharply higher yesterday as the contract resumed the rally from $411.95, the Dec 15 low. Price is through resistance at $451.15, Nov 26 high and has cleared $452.58, the 61.8% retracement of the Oct - Dec bear cycle. This has opened $460.00 (tested briefly) and $462.18, the 76.4% retracement. On the downside, key short-term support has been defined at $431.35, Jan 6 low.

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