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(H3) Outlook Is Bullish

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: $380.30 @ 12:59 GMT Dec 19
  • SUP 1: $367.48/354.70 - 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 traded lower last week. The outlook is bullish despite the pullback. A resumption of strength would pave the way for a climb towards $394.70. This is the Nov 15 high and bull trigger. A break would strengthen bullish conditions and resume the broader uptrend. On the downside, key support lies at $354.70, the Nov 28 low. Clearance of this level is required to highlight a bearish threat.

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