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(N4) Approaching Key Short-Term Support

COPPER TECHS
  • RES 4: $529.76 - 3.764 proj of the Mar 1 - 18 - 27 price swing
  • RES 3: $524.92 - 3.618 proj of the Mar 1 - 18 - 27 price swing
  • RES 2: $520.65 - 3.50 proj of the Mar 1 - 18 - 27 price swing
  • RES 1: $519.90 - High May 20 and the bull trigger
  • PRICE: $457.10 @ 13:29 BST Jun 4
  • SUP 1: $454.80 - 50-day EMA
  • SUP 2: $399.90 - Low Mar 27
  • SUP 3: $383.95 - Low Mar 1
  • SUP 4: $370.35 - Low Feb 9

A corrective cycle in Copper futures that started May 20 has resulted in a strong pullback recently. The contract has traded through the 20-day EMA and this exposes the firmer support at 454.80, the 50-day EMA. A clear break of this average would suggest potential for a deeper retracement. Key resistance has been defined at 519.90, the May 20 high. A break of this level would resume the uptrend.

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