December N.Y. copper closed down 890 points at 378.00 cents Wednesday. Prices closed nearer the session low and scored a bearish "outside day" down on the daily bar chart after hitting another fresh 27-month high early on. If there is good follow-through selling pressure on Thursday, then a bearish "key reversal" down on the daily chart would be confirmed, which would be one early technical clue that a market top is in place. The key "outside markets" were in a bearish posture for copper Wednesday, as the U.S. dollar index was higher, while crude oil and the U.S. stock indexes were lower. The copper bulls still have the overall near-term technical advantage. Prices are still in a five-month-old uptrend on the daily bar chart. Bulls' next upside objective is pushing and closing prices above major psychological resistance at 400.00 cents. The next downside price objective for the bears is closing prices below solid technical support at last week's low of 372.00 cents. First resistance is seen at 380.00 cents and then at 382.50 cents. First support is seen at Wednesday's low of 376.05 cents and then at 375.00 cents. Wyckoff's Market Rating: 7.0.
