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(N3) Pullback Extends

COPPER TECHS
  • RES 4: $447.20 - High Jun 6 2022 (cont)
  • RES 3: $435.15 - High Jan 18 and the bull trigger
  • RES 2: $418.65/21.05 - High Apr 14 / Feb 21 high and key resistance
  • RES 1: $404.97 - 20-day EMA
  • PRICE: $397.35 @ 13:12 BST Apr 24
  • SUP 1: $393.55 - Low Apr 5 and a key support
  • SUP 2: $382.90 - / 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 continued to pull back from $418.65, the Apr 14 high. A continuation lower would expose key short-term support at $393.55, the Apr 5 low. Clearance of this level would reinstate a bearish theme. On the upside, a reversal would refocus attention on $418.65, the bull trigger where a break would resume the uptrend. An initial hurdle for bulls is at $404.97, the 20-day EMA.

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