(N2) Retracing Recent Gains

• 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: $457 70 - High Jun 3
• PRICE: $438.90 @ 13:28 BST Jun 7
• SUP 1: $420.35 - Low May 26
• 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 traded sharply higher on Jun 2 but are currently retracing that day’s climb. The rally resulted in a break of the 50-day EMA and a breach of $444.85 and $454.56, 50.0% and 61.8% of the Apr 18 - May 12 downleg. An extension higher would open $466.58, the 76.4% retracement. The recovery since May 12 is however still considered corrective, a stronger bearish reversal would instead refocus attention on key support and a bear trigger at $403.70, May 12 low. Initial firm short-term support is at $420.35, May 26 low.