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(H3) Support At The 50-Day EMA Intact - For Now

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: $361.15 @ 13:15 GMT Nov 23
  • SUP 1: $356.52/355.60 - 50-day EMA / Low Nov 21
  • 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 Monday, marking an extension of the reversal from $394.70, the Nov 15 high. For now, the recent pullback is considered corrective, however, attention is on support at $356.52, the 50-day EMA and an important short-term pivot support. A break of this average would signal scope for a deeper pullback and expose $334.80, the Oct 31 low. On the upside, $394.70 is the bull trigger.

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