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SOY TECHS

(N1) Bulls Still In Charge

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COPPER TECHS

(N1) Still Heading North

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  • RES 4: 171.62 High Apr 14
  • RES 3: 171.41 50-day EMA
  • RES 2: 171.27 High Apr 22
  • RES 1: 170.80 High Apr 4
  • PRICE: 170.59 @ 05:06 BST May 5
  • SUP 1: 169.89 Low Apr 4
  • SUP 2: 169.47/24 Low Apr 3 / Low Feb 24 and major support
  • SUP 3: 168.96 0.618 proj of the Jan 27 - Feb 25 - Mar 25 price swing
  • SUP 4: 168.52 Low Mar 20, 2020 (cont)

Bund futures traded higher yesterday but despite this week's gains, the downtrend remains intact. Recent weakness has opened the key support handle at 169.24, Feb 25 low. Clearance of this level would confirm a resumption of the underlying downtrend and expose 169.00 and below. On the upside, initial resistance is seen at yesterday's 170.80 high. The area around the 50-day EMA at 171.41 marks a key resistance.