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(U1) Short-Term Bull Cycle 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: $433.95 @ 13:00 BST Jul 7
  • SUP 1: $409.75/40 - 76.4% of the Mar 4 - May 10 rally / Low Jun 21
  • SUP 2: $403.63 - 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 yesterday breached resistance at $433.55, Jun 23 high. Note too that the contract has also pressured both the 20- and 50-day EMAs. An extension higher would open the $460.10 level. Jun 11 high. On the downside, a return lower and a breach of support at $420.30, Jun 29 low would instead signal the end of the current cycle higher and expose the key support and bear trigger at $409.40, Jun 21 low.

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