(H4) Recovery Extends

• 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: $386.25 - High Feb 2
• PRICE: $382.05 @ 13:21 GMT Feb 16
• SUP 1: $365.50 - Low Feb 9
• 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-mode position following the reversal lower that started on Jan 31, however, the recent strong recovery does suggest scope for a continuation near-term. The contract has traded above both the 20- and 50-day EMAs. This highlights a stronger short-term bull cycle and a continuation would potentially expose $397.40, the Dec 27 high. A reversal lower and a break of $365.5, would reinstate a bearish theme.