Free Trial

(N3) Trend Outlook Remains Bearish

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: $374.02/385.54 - 20- and 50-day EMA values
  • PRICE: $363.75 @ 13:29 BST May 31
  • 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 is considered corrective. 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 374.02, the 20-day EMA.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.