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(U2) Approaching Key Support

COPPER TECHS
  • RES 4: $86.25 - High Apr 18
  • RES 3: $466.93 - 76.4% retracement of the Apr 18 - May 12 bear leg
  • RES 2: $462.55 - High Apr 25
  • RES 1: $439.12/458.55 - 50-day EMA / High Jun 3 and key resistance
  • PRICE: $410.50 @ 13:15 BST Jun 16
  • SUP 1: $404.40 - Low May 12 and a key support
  • SUP 2: $401.60 - Low Sep 21 2021 (cont)
  • SUP 3: $396.15 - Low Aug 19 2021 (cont)
  • SUP 4: $395.49 - 1.764 proj of the Mar 7 - 15 - Apr 18 price swing

Copper futures maintain a softer short-term tone and are trading lower again, today. Price has today breached support at $421.20, May 26 low. The extension lower opens key support and the bear trigger at $404.40, the May 12 low. On the upside key short-term resistance has been defined at $458.55, the Jun 3 high. A break of this level would reinstate a recent bullish theme. Initial resistance is at $439.12, the 50-day EMA.

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