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(N2) Bearish Pressure Resumed

COPPER TECHS
  • RES 4: $472.35 - High Apr 22
  • RES 3: $462.20 - High Apr 25
  • RES 2: $451.53 - 50-day EMA
  • RES 1: $425.80/444.00 - High MAy 10 / High May 5
  • PRICE: $405.64 @ 13:12 BST May 12
  • SUP 1: $401.60 - Low Sep 21 2021 (cont)
  • SUP 2: $396.15 - Low Aug 19 2021 (cont)
  • SUP 3: $391.07 - 1.764 proj of the Mar 7 - 15 - Apr 5 price swing
  • SUP 4: $378.35 - 2.00 proj of the Mar 7 - 15 - Apr 5 price swing

Copper futures have resumed their downtrend and are trading lower today. The contract has cleared support at $411.05, the Dec 15 2021 low. This reinforces current bearish conditions and paves the way for a move towards $401.60 next, the Sep 21 2021 low (cont). Key short-term resistance has been defined at $425.80, the May 10 high. A break of this level would ease bearish pressure.

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