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(H3) Trend Condition Remains Bullish

COPPER TECHS
  • RES 4: $440.00 - Round number resistance
  • RES 3: $435.98 - 1.764 proj of Jul 15 - Aug 26 - Sep 28 price swing
  • RES 2: $426.69 - 1.618 proj of Jul 15 - Aug 26 - Sep 28 price swing
  • RES 1: $422.25 - High Jan 13
  • PRICE: $416.15 @ 13:33 GMT Jan 16
  • SUP 1: $394.70 - High Nov 14 and a recent breakout point
  • 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

The Copper futures outlook remains bullish following last week’s gains that highlight an acceleration of the current bull cycle. Price has cleared resistance at $394.70, the Nov 14 high. This strengthens bullish conditions and confirms a resumption of the broader uptrend. Price has also traded through the $400.00 mark and the focus is on $426.69 - the 1.618 projection of the Jul - Aug - Sep price swing. Key support lies at $370.85, the Jan 4 low.

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