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(Z2) Heading South


(Z2) Bearish Theme Intact

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(N2) Bearish Outlook

  • RES 4: $472.35 - High Apr 22
  • RES 3: $462.20 - High Apr 25
  • RES 2: $452.77 - 50-day EMA
  • RES 1: $444.00 - High May 5
  • PRICE: $422.20 @ 13:11 BST May 11
  • SUP 1: $411.05 - Low Dec 15
  • SUP 2: $405.45 - Low Sep 30 2021 (cont)
  • SUP 3: $401.60 - Low Sep 21 2021 (cont)
  • SUP 4: $396.15 - Low Aug 19 2021 (cont)

Copper futures started the week on a softer note and the contract is trading closer to its recent lows. Price has breached former support at $420.40, the May 5 low. The recent sell-off strengthens current bearish conditions and exposes support at $411.05, the Dec 15 2021 low and the next key support. A break would open $405.45, the Sep 30 2021 low (cont). On the upside, key short-term resistance has been defined at $444.00, May 5 high.

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