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(U2) Bear Leg Extends Once Again

COPPER TECHS
  • RES 4: $447.05 - High Jun 7
  • RES 3: $419.02 - 50-day EMA
  • RES 2: $397.51 - 20-day EMA
  • RES 1: $385.00 - High Jun 28
  • PRICE: $358.45 @ 14:00 BST Jul 1
  • SUP 1: $345.00 - Low Dec 10 2020 (cont)
  • SUP 2: $335.77 - 1.50 proj of the Apr 18 - May 12 - Jun 3 price swing
  • SUP 3: $326.12 - 1.618 proj of Apr 18 - May 12 - Jun 3 price swing
  • SUP 4: $314.41 - 61.85% of the Mar ‘20 - Mar ‘22 rally (cont)

Copper futures have started the week on a softer note and are trading lower today. This marks another resumption of the current bearish leg and sets the scene for an extension lower. Price has crossed below 350.60, the 50.0% retracement point of the bull cycle between Mar 2020 and Mar this year on the continuation chart. The focus is on 345.003 next, the Dec 10 2020 low (cont). Resistance is at $385.00, Jun 28 high.

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  • RES 4: $447.05 - High Jun 7
  • RES 3: $419.02 - 50-day EMA
  • RES 2: $397.51 - 20-day EMA
  • RES 1: $385.00 - High Jun 28
  • PRICE: $358.45 @ 14:00 BST Jul 1
  • SUP 1: $345.00 - Low Dec 10 2020 (cont)
  • SUP 2: $335.77 - 1.50 proj of the Apr 18 - May 12 - Jun 3 price swing
  • SUP 3: $326.12 - 1.618 proj of Apr 18 - May 12 - Jun 3 price swing
  • SUP 4: $314.41 - 61.85% of the Mar ‘20 - Mar ‘22 rally (cont)

Copper futures have started the week on a softer note and are trading lower today. This marks another resumption of the current bearish leg and sets the scene for an extension lower. Price has crossed below 350.60, the 50.0% retracement point of the bull cycle between Mar 2020 and Mar this year on the continuation chart. The focus is on 345.003 next, the Dec 10 2020 low (cont). Resistance is at $385.00, Jun 28 high.