(N3) Tests Resistance At The 50-Day EMA

• 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: $383.35 - High Jun 9
• PRICE: $376.50 @ 13:25 BST Jun 12
• SUP 1: $368.60/54.50 - Low Jun 5 / Low May 24 and key support
• 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 short-term bull cycle and again traded higher Friday. Price tested the 50-day EMA, which intersects at 382.59. A clear break of the EMA would be a bullish development and signal scope for a stronger climb. This would open $400.50, the May 1 high. A confirmed reversal lower would refocus attention on $354.50, the May 24 low and bear trigger. Initial support is at $368.60, the Jun 5 low.