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(N4) Pullback Considered Corrective

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
  • PRICE: $489.40 @ 14:26 BST May 28
  • SUP 1: $475.73/451.22 - 20- and 50-day EMA values
  • SUP 2: $399.90 - Low Mar 27
  • SUP 3: $383.95 - Low Mar 1
  • SUP 4: $370.35 - Low Feb 9

Copper futures remain in a clear uptrend and the latest pullback appears to be a correction. The recent break to new highs reinforces the bull trend condition and maintains the rising price sequence of higher highs and higher lows. The contract has also traded through a key resistance at $503.95, the Mar 2022 high (cont). A clear breach of this level would open $520.65, a Fibonacci projection. Initial support lies at $475.73, the 20-day EMA.

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