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(U1) Needle Still Points North

COPPER TECHS
  • RES 4: $488.40 - High May 10 and the bull trigger
  • RES 3: $478.55 - High May 18
  • RES 2: $471.10 - High Jun 1
  • RES 1: $462.75 - High Jul 27
  • PRICE: $451.00 @ 12:31 BST Jul 30
  • SUP 1: $440.25 - High Jul 7 and a recent breakout level
  • SUP 2: $414.32 - Major trendline drawn from Mar 19, 2020 low (cont)
  • SUP 3: $409.40 - Low Jun 21 and key support
  • SUP 4: $400.00 - Low Apr 12

Copper futures are consolidating but maintain a bullish tone. Recent gains resulted in a break of resistance at $440.25, the Jul 6 high. This improves the short-term bullish outlook and note, price has also traded above $458.22, 61.8% of the May - Jun sell-off. This signals scope for an extension towards $471.10, Jun 1 high. On the downside, $440.25, the recent breakout level marks initial support.

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