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(K2) Testing Resistance

COPPER TECHS
  • RES 4: $487.88 - 1.236 proj of the Dec 15 - Jan 12 - 31 price swing
  • RES 3: $484.00 - High May 10 2021
  • RES 2: $474.15 - High Oct 19 2021
  • RES 1: $470.50 - Intraday high
  • PRICE: $469.60 @ 13:55 GMT Mar 2
  • 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 rallied and arrived at the $470.00 handle, probing the Feb 10 high of $469.95. A clear breach of this resistance would strengthen bullish conditions and expose $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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