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(N2) Bearish Threat Remains Present

COPPER TECHS
  • RES 4: $503.60 - 1.00 proj of the Feb 24 - Mar 7 - 15 price swing
  • RES 3: $501.00 - High Mar 7 and the bull trigger
  • RES 2: $486.15/88.28 - High Apr 5 / 76.4% of the Mar 7 - 15 downleg
  • RES 1: $463.27 - 20-day EMA
  • PRICE: $445.60 @ 12:59 BST Apr 29
  • SUP 1: $440.80 - Low Apr 26
  • SUP 2: $428.80 - Low Mar 31 and a key support
  • SUP 3: $423.00 - Low Dec 20
  • SUP 4: $411.05 - Low Dec 15

Copper futures are unchanged and maintain a softer tone following recent weakness. The move lower this week marks an extension of the downleg that started off $486.00, the Apr 18 high. The contract has breached $447.10, Mar 15 low and a key support. A resumption of weakness would open 428.80, the Mar 31 low. Key resistance is unchanged at $486.15, Apr 5 high. The 20-day EMA at 462.69, represents initial resistance.

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  • RES 4: $503.60 - 1.00 proj of the Feb 24 - Mar 7 - 15 price swing
  • RES 3: $501.00 - High Mar 7 and the bull trigger
  • RES 2: $486.15/88.28 - High Apr 5 / 76.4% of the Mar 7 - 15 downleg
  • RES 1: $463.27 - 20-day EMA
  • PRICE: $445.60 @ 12:59 BST Apr 29
  • SUP 1: $440.80 - Low Apr 26
  • SUP 2: $428.80 - Low Mar 31 and a key support
  • SUP 3: $423.00 - Low Dec 20
  • SUP 4: $411.05 - Low Dec 15

Copper futures are unchanged and maintain a softer tone following recent weakness. The move lower this week marks an extension of the downleg that started off $486.00, the Apr 18 high. The contract has breached $447.10, Mar 15 low and a key support. A resumption of weakness would open 428.80, the Mar 31 low. Key resistance is unchanged at $486.15, Apr 5 high. The 20-day EMA at 462.69, represents initial resistance.