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(N1) Testing The 20-day EMA

COPPER TECHS
  • RES 4: $505.03 - 1.382 proj of Jan - Feb - Apr price swing
  • RES 3: $500.00 - Psychological round number
  • RES 2: $492.35 - 1.236 proj of Jan - Feb - Apr price swing
  • RES 1: $488.80 - High May 10 and the bull trigger
  • PRICE: $458.75 @ 12:45 BST May 20
  • SUP 1: $456.25 - 20-day EMA
  • SUP 2: $443.50 - Low May 3 and a firm near-term support
  • SUP 3: $437.00 - High Feb 25 and recent breakout point
  • SUP 4: $434.08 - 50-day EMA

Copper futures remain below last week's trend high of $488.80 and have traded lower this week, extending the recent decline. The focus is on support around the 20-day EMA at $456.25.The average has been probed, a clear break would signal scope for a deeper pullback and expose support at $443.50, May 3 low. From a trend perspective, the underlying uptrend remains intact. The bull trigger is $488.80, May 10 high.

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