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N3) Corrective Pullback

COPPER TECHS
  • RES 4: $456.85- 2.00 proj of the Mar 16 - 24 - Apr 5 price swing
  • RES 3: $447.20 - High Jun 6 2022 (cont)
  • RES 2: $435.15 - High Jan 18 and the bull trigger
  • RES 1: $418.65/21.05 - High Apr 14 / Feb 21 high and key resistance
  • PRICE: $405.30 @ 14:08 BST Apr 19
  • SUP 1: $403.10 - Intraday low
  • SUP 2: $393.55/382.90 - Low Apr 5 / Low Mar 16 and the bear trigger
  • SUP 3: $372.45 - Low Jan 4
  • SUP 4: $355.00 - Low Nov 28 2022

Copper futures have pulled back from $418.65, the Apr 14 high. The outlook remains bullish and the latest move lower appears to be a correction. Last week’s gains resulted in a break of resistance at $414.55, the Mar 24 high. The break reinforces a bullish condition and has opened $421.05, the Feb 21 high. On the downside, key support and the bear trigger to watch lies at $393.55, the Apr 5 low. A break would reinstate a bearish theme.

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