(H4) Bearish Conditions Remain Intact

• RES 4: $404.45 - High Aug 1 and a key resistance
• RES 3: $400.00 - Psychological round number
• RES 2: $397.40 - High Dec 27 and the bull trigger
• RES 1: $379.33 - 50-day EMA
• PRICE: $371.45 @ 13:28 GMT Feb 14
• SUP 1: $365.50 - Low Feb 9
• SUP 2: $362.60 - Low Nov 13
• SUP 3: $355.75 - Low Oct 23 and bear trigger
• SUP 4: $350.54 - 76.4% of the Sep ‘22 - Jan ‘23 bull leg (cont)

Copper futures remain in a bear-mode position following the reversal lower that started on Jan 31. Recent weakness resulted in the break of key short-term support at $371.45, the Jan 18 low. The clear breach strengthens a bearish theme and opens $362.60, the Nov 13 low. On the upside, initial firm resistance is at $379.33, the 50-day EMA. A clear break of the average is required to ease bearish pressure.