RE:RE:$4/Pound Remains a valid targetThe chances that the US Congress will pass the $1.9trillion stimulus package is high, and coronavirus vaccinations continue in the UK and US at a steady pace, prompting optimism for recovery. Furthermore, inventories remain low, and even the Chinese New Year holiday which typically presents a drop in demand has not translated to a build-up of inventories. Therefore, returning factories in China could ramp up demand which could severely stress current inventories. Copper prices are down 0.44% on the day. Technical Outlook for Copper Price Price has met resistance at the 3.8340 price mark, and this has been followed by a retreat towards the support at 3.7945, putting that level at risk. However, copper price action requires follow-up selling to drive prices below this support. If this support level is taken out, copper price could be on its way towards 3.7345, with 3.6530 lining up as additional support. On the flip side, a bounce from 3.7945 allows the price to retest the 3.8340 resistance. A breakout allows the copper price to extend its gains into 9-year highs. It is also possible that price may range trade for a while, in which case 3.8340 and 3.7945 would constitute the upper and lower boundaries of the range respectively.