(H4) Strong Rally Highlights Reversal

• 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 and the bull trigger
• PRICE: $386.40 @ 14:18 GMT Jan 29
• SUP 1: $371.45 - Low Jan 18 and a key support
• 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 traded sharply higher last week and the contract cleared both the 20- and 50-day EMAs. The rally undermines the recent bearish theme and signals a possible reversal. Key support has been defined at $371.45, the Jan 18 low where a break is required to reinstate a bearish theme. A continuation higher would signal scope for a test of 397.40, the Dec 27 high and bull trigger.