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(U1) In A Range

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: $440.25/45 - High Jul 6 / High Jun 16 and the bull trigger
  • PRICE: $427.95 @ 13:12 BST Jul 13
  • SUP 1: $409.75/40 - 76.4% of the Mar 4 - May 10 rally / Low Jun 21
  • SUP 2: $406.14 - 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 futures are softer but remain in a range. The contract on Jul 6 breached resistance at $433.55, Jun 23 high and tested both the 20- and 50-day EMAs. An extension higher would open the $460.10 level. Jun 11 high. On the downside, a breach of support at $420.30, Jun 29 low would instead signal the end of the recent attempted recovery and expose the key support and bear trigger at $409.40, Jun 21 low.

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