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COMMODITIES

WTI Future Gains Considered Technically Corrective

FOREX

FX OPTION EXPIRY

EQUITIES

Equity Futures Partially Retrace Some of Tuesday's Gains

OIL

ARA Crude Inventories Increase 1mbbls on the Week

ZAR

Rand Remains Firmer, Bonds Soften After South African CPI Beats Expectations

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(H3) Corrective Cycle Still In Play

COPPER TECHS
Metals Technical AnalysisMetals bulletHomepagemarkets-real-timeCommoditiesBullet
  • 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: $411.20 @ 13:51 GMT Feb 2
  • SUP 1: $411.25 - Low Feb 3
  • SUP 2: $396.90 - 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. The 20-day EMA has been breached. This opens 396.90, the 50-day EMA. Key resistance is 435.50, the Jan 18 high.

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  • 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: $411.20 @ 13:51 GMT Feb 2
  • SUP 1: $411.25 - Low Feb 3
  • SUP 2: $396.90 - 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. The 20-day EMA has been breached. This opens 396.90, the 50-day EMA. Key resistance is 435.50, the Jan 18 high.