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(H4) Resistance Remains Exposed

COPPER TECHS
  • RES 4: $414.90 - High Apr 14
  • RES 3: $404.45 - High Aug 1 and a key resistance
  • RES 2: $392.65 - High Sep 1
  • RES 1: $387.10 - High Sep 15
  • PRICE: $384.30 @ 13:52 GMT Nov 30
  • SUP 1: $373.92 - 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 the contract is holding on to its recent highs. The latest appreciation signals scope for an extension and sights are on resistance at $387.10, the Sep 15 high, where a break would open $392.65, the Sep 1 high. On the downside, initial support is seen at $373.92, the 50-day EMA, while key support has been defined at $362.60, the Nov 13 low.

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