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(U2) Bear Leg Extends

COPPER TECHS
  • RES 4: $458.55 - High Jun 3 and a key resistance
  • RES 3: $421.41 - 50-day EMA
  • RES 2: $401.42- 20-day EMA
  • RES 1: $385.00 - High Jun 28
  • PRICE: $358.45 @ 14:00 BST Jul 1
  • SUP 1: $350.60 - 50.0% of the Mar ‘20 - Mar ‘22 rally (cont)
  • SUP 2: $345.00 - Low Dec 10 2020 (cont)
  • SUP 3: $335.77 - 1.50 proj of the Apr 18 - May 12 - Jun 3 price swing
  • SUP 4: $326.12 - 1.618 proj of Apr 18 - May 12 - Jun 3 price swing
Copper futures maintain a bearish tone and have resumed the downtrend today. The break lower sets the scene for the next leg down and attention is on $350.60, 50.0% of the Mar ‘20 - Mar ‘22 rally (cont). The bearish theme has also been reinforced by the recent breach of $404.40, May 12 low, and the $400.00 handle. This potentially highlights a significant medium-term reversal. Initial firm resistance is seen at $401.42 the 20-day EMA.
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  • RES 4: $458.55 - High Jun 3 and a key resistance
  • RES 3: $421.41 - 50-day EMA
  • RES 2: $401.42- 20-day EMA
  • RES 1: $385.00 - High Jun 28
  • PRICE: $358.45 @ 14:00 BST Jul 1
  • SUP 1: $350.60 - 50.0% of the Mar ‘20 - Mar ‘22 rally (cont)
  • SUP 2: $345.00 - Low Dec 10 2020 (cont)
  • SUP 3: $335.77 - 1.50 proj of the Apr 18 - May 12 - Jun 3 price swing
  • SUP 4: $326.12 - 1.618 proj of Apr 18 - May 12 - Jun 3 price swing
Copper futures maintain a bearish tone and have resumed the downtrend today. The break lower sets the scene for the next leg down and attention is on $350.60, 50.0% of the Mar ‘20 - Mar ‘22 rally (cont). The bearish theme has also been reinforced by the recent breach of $404.40, May 12 low, and the $400.00 handle. This potentially highlights a significant medium-term reversal. Initial firm resistance is seen at $401.42 the 20-day EMA.