December 23, 2024 14:29 GMT
COPPER TECHS: (H5) Bearish Outlook
COPPER TECHS
- RES 4: $479.00 - High Sep 30 and a bull trigger
- RES 3: $469.30 - High Oct 3
- RES 2: $452.85 - High Nov 5 and a key resistance
- RES 1: $433.50 - High Dec 12
- PRICE: $409.25 @ 14:18 GMT Dec 23
- SUP 1: $406.50 - Low Nov 14
- SUP 2: $401.35 - Low Aug 7 and the bear trigger
- SUP 3: $388.86 - 1.382 proj of the Sep 30 - Oct 17 - Nov 5 swing
- SUP 4: $377.94 - 1.618 proj of the Sep 30 - Oct 17 - Nov 5 swing
A bearish trend condition in Copper futures is intact and the latest recovery appears to have been a correction. The sharp sell-off on Nov 6, resulted in a break of 433.70, the Oct 17 low. The breach cancelled a recent bullish signal and highlighted potential for a continuation lower near-term. 419.91, 76.4% of the Aug 7 - Sep 30 bull cycle has been cleared. This opens $401.35, the Aug 7 low and a bear trigger. Key short-term resistance is $452.85, Nov 5 high.
175 words