June 06, 2024 12:32 GMT
(N4) Testing 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: $464.60 @ 13:19 BST Jun 6
- SUP 1: $454.99/451.85 - 50-day EMA / Low Jun 5
- 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 has exposed the firmer support at 454.99, the 50-day EMA. It has been pierced, a clear break of the average would suggest potential for a deeper retracement. Key resistance has been defined at 519.90, the May 20 high. Clearance of this level would resume the uptrend.
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