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(K3) Watching Support

  • RES 4: $447.20 - High Jun 6 2022
  • RES 3: $440.00 - Round number resistance
  • RES 2: $435.90 - Jan 18 high and the bull trigger
  • RES 1: $421.30 - Feb 21 high and a key resistance
  • PRICE: $405.75 @ 14:07 GMT Mar 2
  • SUP 1: $393.70 - Low Feb 27 and the bear trigger
  • SUP 2: $379.62 - 50.0% retracement of the Sep 28 - Jan 18 bull cycle
  • SUP 3: $371.80 - Low Jan 4
  • SUP 4: $366.34 - 61.8% retracement of the Sep 28 - Jan 18 bull cycle

Copper futures have pulled back today as the contract retraces gains over the past 3-days. A key support has been defined at Monday’s low of $393.70. A break is required to reinstate a recent bearish theme. While support remains intact, attention is on resistance at $421.30, the Feb 21 high. Clearance of this level would strengthen a bullish case and suggest scope for a climb towards $435.90, the Jan 18 high and key resistance.

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