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(N2) Trading Closer To This Week’s Lows

COPPER TECHS
  • 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: $439.15 @ 13:30 BST Jun 9
  • 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 are trading closer to this week’s lows. The contract rallied on Jun 2 and resulted in a break of the 50-day EMA plus 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 refocus attention on a bear trigger at $403.70, May 12 low. Initial firm support is at $420.35, May 26 low.

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