(U1) Strong Start To The Week

• 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: $458.22 - 61.8% retracement of the May 10 - Jun 21 sell-off
• PRICE: $448.50 @ 14:27 BST Jul 26
• SUP 1: $411.81 - Major trendline drawn from Mar 19, 2020 low (cont)
• SUP 2: $409.75/40 - 76.4% of the Mar 4 - May 10 rally / Low Jun 21
• SUP 3: $400.00 - Low Apr 12
• SUP 4: $394.90 - Low Mar 25 and a key support

Copper futures have started the week on a firmer note. This has resulted in a break of resistance at $440.25, the Jul 7 high. The break higher improves the short-term bullish outlook and attention turns to $458.22, a Fibonacci retracement and $460.10, the Jun 11 high. Clearance of these two levels would strengthen a bullish case. On the downside, price needs to clear $409.40, Jun 21 low to resume a downleg.