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(H4) Trading At Its Recent Lows

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 and the bull trigger
  • PRICE: $377.45 @ 13:22 GMT Feb 7
  • 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 have pulled back from their most recent highs and the contract is trading at its recent lows. Monday’s sell-off resulted in a break of support around the 50-day EMA - at $381.63. This undermines the recent bullish theme and a continuation lower would signal scope for an extension towards key support at $371.45, the Jan 18 low. On the upside, key short-term resistance is 397.40, Dec 27 high and the bull trigger.

Energy BulletsCommodities
Energy BulletsCommodities

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