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(H4) Corrective Pullback

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: $393.30 - High Dec 1
  • PRICE: $379.90 @ 13:35 GMT Dec 5
  • SUP 1: $375.43 - 50-day EMA
  • SUP 2: $362.60/355.75 - Low Nov 13 / Low Oct 23 and bear trigger
  • SUP 3: $348.70 - 2.00 proj of the Sep 1 - 8 - 15 price swing
  • SUP 4: $344.17 - 2.236 proj of the Sep 1 - 8 - 15 price swing

A bull cycle in Copper futures remains intact and this week’s move lower is likely a short-term correction. Last week’s appreciation signals scope for an extension. Resistance at $387.10, the Sep 15 high, has been cleared. The break opens $395.65, the Aug 2 high. On the downside. initial support is seen at $375.43, the 50-day EMA, while key support has been defined at $362.60, the Nov 13 low.

Energy BulletsCommodities
Energy BulletsCommodities

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