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(K1) Attention Is On Support

  • RES 4: $454.00 - Weekly High Aug 5, 2011 (cont)
  • RES 3: $437.55 - High Feb 25 and the bull trigger
  • RES 2: $429.71 - 3% Upper Bollinger Band
  • RES 1: $419.00/422.75 - High Mar 15 / High Mar 2
  • PRICE: $396.90.40 @ 13:56 GMT Mar 25
  • SUP 1: $394.05 - Intraday low
  • SUP 2: $391.43/384.90 - 50-day EMA / Low Mar 4
  • SUP 3: $372.55 - Low Feb 12
  • SUP 4: $362.40 - Low Feb 8

Copper futures are trading lower and attention turns to support at $384.90, Mar 4 low. A break of this support is required to signal scope for a deeper retracement and extend the bearish reversal that occurred on Feb 25. This would open $372.55, the Feb 12 low. On the upside, resistance is at $419.00, Mar 15 high. A break would expose the key resistance and bull trigger at $437.55, Feb 25 high.

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