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(N3) Remains Soft

  • 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: $402.48 - 20-day EMA
  • PRICE: $387.30 @ 13:32 BST Apr 26
  • SUP 1: $385.15 - Low Apr 26
  • 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 remain soft, since pulling back from $418.65, the Apr 14 high. The continuation lower has resulted in a break of a key short-term support at $393.55, the Apr 5 low and reinstates a bearish theme with the focus on $382.90, the Mar 16 low. On the upside, a reversal would refocus attention on $418.65, the bull trigger where a break is required to reinstate a bull cycle. An initial hurdle for bulls is at $402.48, the 20-day EMA.

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