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Resend: (H1) Attention Is On Support

  • RES 4: $384.88 - 2.236 projection of Oct 2 - 21 rally from Nov 4 low
  • RES 3: $380.00 Round number resistance
  • RES 2: $376.25 - 2.00 projection of Oct 2 - 21 rally from Nov 4 low
  • RES 1: $373.40 - High Jan 7 and key resistance
  • PRICE: $356.90 @ 13:12 GMT Jan 22
  • SUP 1: $355.15 - Low Jan 11 and a bear trigger
  • SUP 2: $347.80 - Low Dec 23
  • SUP 3: $346.13/345.00 - Trendline drawn off Oct 2 low / Low Dec 10
  • SUP 4: $343.90 - Low Dec 2

Copper futures recovered from Tuesday's $355.85 low but remain below recent highs and still appear vulnerable - today's sell-off reinforces this theme. Price reversed course on Jan 8/9 from the high of 373.40. The trend has been overbought for some time and a pullback will allow this condition to unwind. Attention is on the 20-day EMA that has again been probed. A break would allow for a deeper sell-off. Key resistance is 373.40.

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