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(H4) Pierces A Key Support

COPPER TECHS


  • RES 4: $404.45 - High Aug 1 and a key resistance
  • RES 3: $400.00 - Psychological round number
  • RES 2: $397.40 - High Dec 27 and the bull trigger
  • RES 1: $381.31 - 50-day EMA
  • PRICE: $371.20 @ 13:34 GMT Feb 8
  • SUP 1: $365.58 - 76.4% retracement of the Oct 23 - Dec 27 bull leg
  • 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 have pulled back from their most recent highs and the contract is trading lower again today. Today’s sell-off has resulted in a print below key short-term support at $371.45, the Jan 18 low. A clear break of this level would strengthen a bearish theme and open $362.60, the Nov 13 low. On the upside, initial firm resistance is at $381.31, the 50-day EMA. A clear break of the average is required to ease bearish pressure.

Energy BulletsCommodities
Energy BulletsCommodities

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