(H4) Bearish Outlook

• 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: $388.45/397.40 - High Jan 4 / High Dec 27 and the bull trigger
• PRICE: $377.45 @ 13:30 GMT Jan 15
• SUP 1: $372.90 - Low Dec 6 and a key support
• 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 cycle for now and the contract traded to a fresh short-term low last week. Price has traded below the 50-day EMA - at $380.96. 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.