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(H4) Bearish Outlook

COPPER TECHS
  • RES 4: $414.90 - High Apr 14
  • RES 3: $404.45 - High Aug 1 and a key resistance
  • RES 2: $400.00 - Psychological round number
  • RES 1: $397.40 - High Dec 27 and the bull trigger
  • PRICE: $378.50 @ 14:06 GMT Jan 12
  • SUP 1: $375.40 - Low Jan 10
  • SUP 2: $372.90 - Low Dec 6 and a key support
  • SUP 3: $362.60 - Low Nov 13
  • SUP 4: $355.75 - Low Oct 23 and bear trigger

Copper futures remain in a bear cycle for now and the contract traded to a fresh short-term low earlier this week. Price has traded below the 50-day EMA - at $381.25. A clear break of the average would suggest scope for a deeper retracement and open 372.90, the Dec 6 low. On the upside, key resistance has been defined at 397.40, the Dec 27 high. Clearance of this level would reinstate the recent bullish theme.

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