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(H3) Remains Below Wednesday’s High

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: $422.35 @ 13:19 GMT Jan 20
  • SUP 1: $411.05/401.31 - Low Jan 17 / 20-day EMA
  • 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

Copper futures remain in an uptrend, however, Wednesday’s price activity does suggest potential for a short-term pullback. The price pattern Wednesday, is a doji shooting star candle - a short-term reversal signal. The trend condition is overbought and a move lower near-term would represent a healthy correction, allowing the overbought condition to unwind. This would open 399.01, the 20-day EMA. Key S/T resistance is 435.50, the Jan 18 high.

Energy BulletsCommodities
Energy BulletsCommodities

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