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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: $397.40 - High Dec 27
  • PRICE: $382.95 @ 12:31 GMT Jan 05
  • SUP 1: $381.89 - 50-day EMA
  • SUP 2: $372.90 - Low Dec 6
  • SUP 3: $362.60 - Low Nov 13
  • SUP 4: $355.75 - Low Oct 23 and bear trigger

A bull cycle in Copper futures remains intact after last week’s rally and the print up at 397.40. Prices have faded somewhat since, but the corrective pullback is yet to trouble meaningful support. The recovery that started Dec 7 signals scope for an extension towards the $400.00 handle next. The bull trigger at $393.30, the Dec 1 high, has been breached, a clear break would strengthen a bullish theme. On the downside, initial firm support is seen at $381.89, the 50-day EMA, while key support has been defined at $372.90, the Dec 6 low.

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