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(N3) Corrective Cycle Still In Play

COPPER TECHS
  • RES 4: $435.15 - High Jan 18 and the bull trigger
  • RES 3: $418.65/21.05 - High Apr 14 / Feb 21 high and key resistance
  • RES 2: $400.50 - High May 1
  • RES 1: $373.03/384.67 - 20- and 50-day EMA values
  • PRICE: $371.60 @ 13:00 BST Jun 1
  • SUP 1: $354.50 - Low May 24
  • SUP 2: $350.54 - 76.4% of the Sep 28 ‘22 - Jan 18 bull leg (cont)
  • SUP 3: $341.80 - Low Nov 4 2022 (cont)
  • SUP 4: $336.15 - Low Oct 31 2022 (cont)
Copper futures remain in a downtrend and the most recent recovery appears to be a correction. Last week’s extension lower maintains the bearish trending price sequence of lower lows and lower highs and confirms a resumption of the bear cycle that started on Jan 18. The focus is on $350.54, a Fibonacci retracement point. Initial firm resistance is seen at 373.03, the 20-day EMA. A break would expose the 50-day EMA at 384.67.
Energy BulletsCommodities
Energy BulletsCommodities

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