Free Trial

(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: $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.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.