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(K2) Clears Resistance

COPPER TECHS
  • RES 4: $494.86 - 1.382 proj of the Dec 15 - Jan 12 - 31 price swing
  • RES 3: $487.88 - 1.236 proj of the Dec 15 - Jan 12 - 31 price swing
  • RES 2: $480.00 - Round number resistance
  • RES 1: $478.25 - Intraday high
  • PRICE: $474 65 @ 13:49 GMT Mar 3
  • SUP 1: $444.70 - Low Feb 24 and key short-term support
  • SUP 2: $428.80 - Low Jan 31
  • SUP 3: $422.70 - Low Dec 20
  • SUP 4: $411.65 - Low Dec 15 and key support

Copper futures have cleared the $470.00 handle and the Feb 10 high of $469.95. The clear breach of this resistance strengthens bullish conditions and has also resulted in a probe of $474.15, the Oct 19, 2021 high and key resistance. Clearance of this hurdle would open $484.00, May 10 2021 high. Initial firm support has been established at $444.70, the Feb 24 low. A break would threaten the current bullish theme.

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