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(U2) Bear Flag Formation

COPPER TECHS
  • RES 4: $404.40 - Low May 12
  • RES 3: $385.00 - High Jun 28
  • RES 2: $382.95 - 50-day EMA
  • RES 1: $358.00 - High Jul 7 and a key near-term resistance
  • PRICE: $337.10 @ 12:46 BST Jul 25
  • SUP 1: $313.15 - Low Jul 15
  • SUP 2: $300.00 - Psychological round number
  • SUP 3: $294.85 - 2.00 proj of the Apr 18 - May 12 - Jun 3 price swing
  • SUP 4: $275.33 - 2.236 proj of Apr 18 - May 12 - Jun 3 price swing

Copper futures remain vulnerable. The contract continues to consolidate and recent price action has taken on the appearance of a bear flag. This reinforces bearish trend readings. Note too that moving average studies are in a bear mode condition, highlighting current sentiment. A break lower would pave the way for a move towards $300.00 and $294.85, a Fibonacci projection. Firm resistance is seen at $358.00, Jul 7 high.

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