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(N1) Remains Below Resistance

COPPER TECHS
  • RES 4: $505.03 - 1.382 proj of Jan - Feb - Apr price swing
  • RES 3: $492.35 - 1.236 proj of Jan - Feb - Apr price swing
  • RES 2: $488.80 - High May 10 and the bull trigger
  • RES 1: $470.70/78.20 - High Jun 6 / High May 18
  • PRICE: $458.90 @ 13:51 BST Jun 11
  • SUP 1: $443.55/442.95 - 50-day EMA / Low Jun 3
  • SUP 2: $437.00 - High Feb 25 and a recent breakout level
  • SUP 3: $425.25 - Low Apr 22
  • SUP 4: $415.90 - Low Apr 19

Copper futures outlook remains bearish following the recent move lower on Jun 3 that resulted in a break of support at $444.40, May 24 low. Attention is on the 50-day EMA at $443.55. The EMA represents a key area of support. If it fails to contain the pullback and a convincing break follows, this would suggest scope for a stronger short-term sell-off, exposing $425.25, Apr 22 low. Firm short-term resistance is at $470.70, Jun 1 high.

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