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(N4) Testing Key Support At The 50-Day EMA

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: $454.65 @ 13:44 BST Jun 7
  • SUP 1: $455.50/451.85 - 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 455.50, 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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