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COPPER TECHS: (K5) Bull Cycle Remains In Play

COPPER TECHS
Metals Technical AnalysisCommodities TechBulletCommodities
  • RES 4: $514.40 - 2.00 proj of the Jan 2 - 17 - Feb 3 price swing
  • RES 3: $503.59 - 1.764 proj of the Jan 2 - 17 - Feb 3 price swing 
  • RES 2: $500.00 - Round number resistance         
  • RES 1: $488.50 - Intraday high 
  • PRICE: $475.75 @ 14:42 GMT Feb 15
  • SUP 1: $450.12 - 20-day EMA       
  • SUP 2: $438.49 - 50-day EMA
  • SUP 3: $422.80 - Low Feb 3 and key support      
  • SUP 4: $403.85 - Low Jan 2 and a bear trigger     

Copper futures remain in a bull cycle. Recent gains highlight an acceleration of the uptrend and this reinforces current conditions. The contract has cleared 455.20, the Nov 5 high and a key hurdle. Price has also pierced 477.10, the Sep 30 ‘24 high. Sights are on the $500.00 handle next. On the downside, a pullback would be considered corrective and allow an overbought condition to unwind. Initial firm support is $450.12, the 20-day EMA.

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  • RES 4: $514.40 - 2.00 proj of the Jan 2 - 17 - Feb 3 price swing
  • RES 3: $503.59 - 1.764 proj of the Jan 2 - 17 - Feb 3 price swing 
  • RES 2: $500.00 - Round number resistance         
  • RES 1: $488.50 - Intraday high 
  • PRICE: $475.75 @ 14:42 GMT Feb 15
  • SUP 1: $450.12 - 20-day EMA       
  • SUP 2: $438.49 - 50-day EMA
  • SUP 3: $422.80 - Low Feb 3 and key support      
  • SUP 4: $403.85 - Low Jan 2 and a bear trigger     

Copper futures remain in a bull cycle. Recent gains highlight an acceleration of the uptrend and this reinforces current conditions. The contract has cleared 455.20, the Nov 5 high and a key hurdle. Price has also pierced 477.10, the Sep 30 ‘24 high. Sights are on the $500.00 handle next. On the downside, a pullback would be considered corrective and allow an overbought condition to unwind. Initial firm support is $450.12, the 20-day EMA.