(N2) Remains Below The 50-Day EMA

• RES 4: $462.20 - High Apr 25
• RES 3: $454.56 - 61.8% retracement of the Apr 18 - May 12 bear leg
• RES 2: $441.02 - 50-day EMA
• RES 1: $436.65 - High May 31
• PRICE: $430.90 @ 13:14 BST Jun 1
• SUP 1: $403.70/401.60 - Low May 12 / 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 are trading closer to recent highs. Recent gains are still considered corrective, despite a print above $435.50, May 23 high. A key resistance is seen at $440.93, the 50-day EMA. A reversal lower would reinforce bearish conditions and refocus attention on support at $403.70, the May 12 low and bear trigger. For bulls, a clear break of the 50-day EMA is required to instead suggest scope for a stronger recovery.