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(K4) Bullish Structure

COPPER TECHS
  • RES 4: $404.70 - High Jul 31, Aug 1 and a key resistance
  • RES 3: $400.00 - Psychological round number
  • RES 2: $398.60 - High Dec 27 and the bull trigger
  • RES 1: $394.65 - High Mar 8
  • PRICE: $391.95 @ 13:20 GMT Mar 11
  • SUP 1: $381.80/367.95 - Low Mar 1 / Low Feb 9
  • SUP 2: $365.70 - Low Nov 10
  • SUP 3: $358.90 - Low Oct 23 and bear trigger
  • SUP 4: $350.54 - 76.4% of the Sep ‘22 - Jan ‘23 bull leg (cont)

Gains in Copper futures have resulted in a print above $391.70, the Feb 23 high. This reinforces bullish conditions and confirms the fact that the recent pullback was a correction. The move higher paves the way for a climb towards $398.60, the Dec 27 high and key resistance. $381.80, the Mar 1 low, marks the initial key support. A break would be seen as a bearish development.

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