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MNI:AUSTRALIA JUN UNEMPLOYMENT RATE +4.1%

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(N2) Support Remains Intact

COPPER TECHS
  • RES 4: $516.93 - 1.236 proj of the Feb 24 - Mar 7 - 15 price swing
  • RES 3: $503.60 - 1.00 proj of the Feb 24 - Mar 7 - 15 price swing
  • RES 2: $501.00 - High Mar 7 and the bull trigger
  • RES 1: $486.15/88.28 - High Apr 5 / 76.4% of the Mar 7 - 15 downleg
  • PRICE: $468.95 @ 12:54 BST Apr 22
  • SUP 1: $463.95 - Low Apr 11 and key near-term support
  • SUP 2: $447.10 - Low Mar 15 and a pivot level
  • SUP 3: $444.50 - Low Feb 24
  • SUP 4: $428.80 - Low Mar 31

Copper futures are trading closer to this week’s lows - the contract stalled at Monday’s $486.00 high and has failed to clear resistance at $486.15, the Apr 5 high. Initial support lies at $463.95, the Apr 11 low. While price trades above this support, the outlook remains bullish and attention is on gains towards key resistance at $501.00, the Mar 7 high. A break of $463.95 though, would highlight a bearish threat and expose $460.00 and below.

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