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COPPER TECHS: (H5) Bull Cycle Still In Play Despite Pullback

COPPER TECHS
Metals Technical AnalysisCommodities TechBulletCommodities
  • 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: $447.00 - High Jan 17     
  • PRICE: $431.15 @ 14:24 GMT Jan 21
  • SUP 1: $424.10/400.50 - 50-day EMA / Low Jan 2 and a bear trigger       
  • SUP 2: $395.62 - 1.236 proj of the Sep 30 - Oct 17 - Nov 5 swing
  • 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   

Copper futures remain in a bull cycle, despite the latest pullback. Price has traded through the 50-day EMA, at 424.10, and recent gains have resulted in a move through key short-term resistance at 433.50, the Dec 12 high. The break of this level highlights a reversal and opens 452.85, the Nov 5 ‘24 high and a key resistance. On the downside, a stronger sell-off would open €400.50, the Jan 2 low. Clearance of this level would resume a downtrend.

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  • 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: $447.00 - High Jan 17     
  • PRICE: $431.15 @ 14:24 GMT Jan 21
  • SUP 1: $424.10/400.50 - 50-day EMA / Low Jan 2 and a bear trigger       
  • SUP 2: $395.62 - 1.236 proj of the Sep 30 - Oct 17 - Nov 5 swing
  • 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   

Copper futures remain in a bull cycle, despite the latest pullback. Price has traded through the 50-day EMA, at 424.10, and recent gains have resulted in a move through key short-term resistance at 433.50, the Dec 12 high. The break of this level highlights a reversal and opens 452.85, the Nov 5 ‘24 high and a key resistance. On the downside, a stronger sell-off would open €400.50, the Jan 2 low. Clearance of this level would resume a downtrend.