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(H3) Bulls Have Their Sights On Key Resistance

COPPER TECHS
  • RES 4: $419.17 - 1.50 proj of Jul 15 - Aug 26 - Sep 28 price swing
  • RES 3: $411.66 - 1.382 proj of Jul 15 - Aug 26 - Sep 28 price swing
  • RES 2: $407.00 - Low May 12
  • RES 1: $394.70 - High Nov 15 and the bull trigger
  • PRICE: $383.95 @ 13:34 GMT Dec 12
  • SUP 1: $364.53/354.70 - 50-day EMA / Low Nov 28
  • SUP 2: $334.80 - Low Oct 31
  • SUP 3: $323.70 - Low Sep 28
  • SUP 4: $314.25 - Low Jul 15 and a key support

Copper futures maintain a firmer short-term tone and the contract traded to fresh short-term highs last week. This extends the recent recovery and signals the end of a correction between Nov 14 - 28. The contract is approaching key resistance at $394.70, the Nov 15 high and a bull trigger. A break would strengthen a bullish case. On the downside, clearance of $354.70, the Nov 28 low, is required to highlight a bearish threat.

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