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(H3) Corrective Cycle Extends

COPPER TECHS
  • RES 4: $457.65 - High Feb 2 2022
  • RES 3: $451.00 - 1.764 proj of Jul 15 - Aug 26 - Sep 28 price swing
  • RES 2: $440.00 - Round number resistance
  • RES 1: $435.50 - High Jan 18 and the bull trigger
  • PRICE: $415.95 @ 13:51 GMT Feb 2
  • SUP 1: $413.39/410.25 - 20-day EMA / Low Feb 1
  • SUP 2: $396.40 - 50-day EMA
  • SUP 3: $370.85 - Low Jan 4 and key support
  • SUP 4: $354.70 - Low Nov 28

The broader uptrend in Copper futures remains intact. However, a bearish cycle and a correction is resulting in a short-term pullback. Price action on Jan 18 - a doji shooting star - provided an early warning signal of a top. The trend condition is overbought and a move lower is allowing this condition to unwind. A clear break of 413.39, the 20-day EMA would open 396.40, the 50-day EMA. Key resistance is 435.50, the Jan 18 high.

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