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(H3) Bull Cycle Extension

COPPER TECHS
  • RES 4: $435.98 - 1.764 proj of Jul 15 - Aug 26 - Sep 28 price swing
  • RES 3: $426.69 - 1.618 proj of Jul 15 - Aug 26 - Sep 28 price swing
  • RES 2: $420.00 - Round number resistance
  • RES 1: $419.17 - 1.50 proj of Jul 15 - Aug 26 - Sep 28 price swing
  • PRICE: $416.35 @ 13:12 GMT Jan 12
  • SUP 1: $394.70 - High Nov 14 and a recent breakout point
  • SUP 2: $370.85/354.70 - Low Jan 4 and key support / Low Nov 28
  • SUP 3: $334.80 - Low Oct 31
  • SUP 4: $323.70 - Low Sep 28

The Copper futures outlook is bullish and the contract continues to climb. This week’s rally highlights an acceleration of the current bull cycle. Price has cleared resistance at $394.70, the Nov 15 high. This strengthens bullish conditions and resumes the broader uptrend. Price has also traded through the $400.00 mark and the focus is on $419.17 - 1.50 projection of the Jul - Aug - Sep price swing. Key support lies at $370.85, the Jan 4 low.

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