Free Trial

(U1) Bearish Theme Intact

COPPER TECHS
  • RES 4: $488.40 - High May 10 and the bull trigger
  • RES 3: $471.10/78.55 - High Jun 1 / High May 18
  • RES 2: $460.10 - High Jun 11
  • RES 1: $440.45 - High Jun 16
  • PRICE: $432.65 @ 13:47 BST Jul 5
  • SUP 1: $409.75/40 - 76.4% of the Mar 4 - May 10 rally / Low Jun 21
  • SUP 2: $403.00 - Major trendline drawn from Mar 19, 2020 low (cont)
  • SUP 3: $400.00 - Low Apr 12
  • SUP 4: $394.90 - Low Mar 25 and a key support

Copper remains in a range. Recent gains are still considered corrective and a short-term bearish outlook remains intact. This follows the sell-off on Jun 15 that resulted in a break below the 50-day EMA. Furthermore, the follow through and break of trendline support drawn off the Oct 2, 2020 low reinforces the current bearish theme. Attention is on $409.75, a Fibonacci retracement and tested recently. Initial resistance is at $440.45, Jun 16 high.

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.