(N2) Extends Last Week’s Bear Leg

• RES 4: $86.00 - High Apr 18
• RES 3: $466.58 - 76.4% retracement of the Apr 18 - May 12 bear leg
• RES 2: $462.20 - High Apr 25
• RES 1: $446.15/457 70 - High Jun 7 / High Jun 3 and key resistance
• PRICE: $418.90 @ 13:23 BST Jun 13
• SUP 1: $413.15 - Low May 18
• SUP 2: $403.70/401.60 - Low May 12 / Low Sep 21 2021 (cont)
• SUP 3: $396.15 - Low Aug 19 2021 (cont)
• SUP 4: $391.07 - 1.764 proj of the Mar 7 - 15 - Apr 5 price swing

Copper futures continue to pull away from recent highs. A bearish threat has strengthened and price has traded below support at $420.35, May 26 low. An extension lower would open key support and the bear trigger at $403.70, the May 12 low. On the upside key short-term resistance has been defined at $457.70, the Jun 3 high. A break of this level would reinstate a recent bullish theme and open $466.58 instead, a Fibonacci retracement.