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COPPER TECHS: (N3) Trend Direction Remains Down

COPPER TECHS
  • RES 4: $435.15 - High Jan 18 and the bull trigger
  • RES 3: $418.65/21.05 - High Apr 14 / Feb 21 high and key resistance
  • RES 2: $400.50 - High May 1
  • RES 1: $382.31 - 20-day EMA
  • PRICE: $369.40 @ 13:31 BST May 22
  • SUP 1: $365.25 - Low May 17
  • SUP 2: $363.70 - Low Nov 30 2022
  • SUP 3: $355.00 - Low Nov 28 2022
  • SUP 4: $350.54 - 76.4% of the Sep 28 ‘22 - Jan 18 bull leg

Copper futures remain in a downtrend and the contract is consolidating closer to its recent lows. The break on May 11 of key support at $382.90, the Mar 16 low, reinforced bearish conditions and confirmed a resumption of the bear cycle that started on Jan 18. The 370.00 handle has been cleared and this opens 363.70, the Nov 30 2022 low. On the upside, initial firm resistance is seen at 382.31, the 20-day EMA.

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