(H2) Vulnerable Following Break Of Support

• RES 4: $470.95 - High Oct 21
• RES 3: $462.18 - 76.4% retracement of the Oct - Dec sell-off
• RES 2: $460.10 - High Jan 12 and key short-term resistance
• RES 1: $443.36/453.45 - 20-day EMA / High Jan 26
• PRICE: $433.15 @ 12:51 GMT Jan 31
• SUP 1: $429.85 - Low Jan 28
• SUP 2: $423.20 - Low Dec 20
• SUP 3: $411.95 - Low Dec 15 and key support
• SUP 4: $409.90 - Low Oct 6

Copper futures traded lower Friday and in the process cleared support at $437.60, Jan 18 low. Note too that the contract has also cleared the 50-day EMA. This break lower undermines the recent bullish theme and signals potential for a deeper sell-off towards $423.20, the Dec 20 low. A clear break of this support would expose $411.95 further out, Dec 15 low. Key resistance has been defined at $460.10, Jan 12 high.