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COPPER TECHS: (H5) Outlook Remains Bullish

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: $436.85 @ 14:26 GMT Feb 5
  • SUP 1: $418.35/400.50 - Low Feb 3 / 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, and the latest move down appears to have been a correction. Price has pierced but continues to trade above the 50-day EMA, at 426.20. Recent gains have resulted in a move through 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, Jan 2 low.

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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: $436.85 @ 14:26 GMT Feb 5
  • SUP 1: $418.35/400.50 - Low Feb 3 / 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, and the latest move down appears to have been a correction. Price has pierced but continues to trade above the 50-day EMA, at 426.20. Recent gains have resulted in a move through 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, Jan 2 low.