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COPPER TECHS: (H5) Approaching Key Resistance

COPPER TECHS
Metals Technical AnalysisCommodities TechBulletCommodities
  • RES 4: $499.00 - High May 22 2024 
  • RES 3: $489.60 - High May 28
  • RES 2: $480.00 - High Sep 30 and a bull trigger        
  • RES 1: $475.25 - Intraday high 
  • PRICE: $471.65 @ 14:11 GMT Feb 13
  • SUP 1: $447.00 - High Jan 17       
  • SUP 2: $433.20 - 50-day EMA
  • SUP 3: $418.35 - Low Feb 3 and key support      
  • SUP 4: $400.50 - Low Jan 2 and a bear trigger     

Copper futures remain in a bull cycle and the most recent gains have highlighted an acceleration of the uptrend and this reinforces current conditions. The contract has cleared 452.85, the Nov 5 high and a key hurdle. Price is also through 461.24, 76.4% of the Sep 30 ‘24 - Jan 2 bear leg. Sights are on 480.00, the Sep 30 high and bull trigger. Key support is at $418.35, the Feb 3 low.

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  • RES 4: $499.00 - High May 22 2024 
  • RES 3: $489.60 - High May 28
  • RES 2: $480.00 - High Sep 30 and a bull trigger        
  • RES 1: $475.25 - Intraday high 
  • PRICE: $471.65 @ 14:11 GMT Feb 13
  • SUP 1: $447.00 - High Jan 17       
  • SUP 2: $433.20 - 50-day EMA
  • SUP 3: $418.35 - Low Feb 3 and key support      
  • SUP 4: $400.50 - Low Jan 2 and a bear trigger     

Copper futures remain in a bull cycle and the most recent gains have highlighted an acceleration of the uptrend and this reinforces current conditions. The contract has cleared 452.85, the Nov 5 high and a key hurdle. Price is also through 461.24, 76.4% of the Sep 30 ‘24 - Jan 2 bear leg. Sights are on 480.00, the Sep 30 high and bull trigger. Key support is at $418.35, the Feb 3 low.